ASIC and RBA bring out the big guns to drive home IBOR message
The Australian Securities and Investments Commission (ASIC) and Reserve Bank of Australia (RBA) have co-opted the heads of two of the world’s most significant financial regulators as they endeavour to heighten local market engagement with the process of transition away from global interbank offered rates (IBORs).
Mortgage House gets ahead in a busy RMBS market
Mortgage House priced its first-ever public residential mortgage-backed securities (RMBS) deal on 16 May, as it seeks to demonstrate its ability to source funding from outside its warehouse facilities. The issuer is confident that its origination offering stands out amid an increasingly crowded nonbank field.
Citibank’s opco deal provides diversity for Australian dollar market
Citibank, the operating company (opco) issuer of Citi, issued its first-ever Australian dollar deal on 10 May. The transaction came in 3(a)(2) format, which limits domestic bank-balance-sheet participation. However, deal sources say the scarcity value of opco debt from a global bank was enticing for domestic fund managers.
World Bank increases liquidity in February 2024 Kangaroo line
On 15 May, World Bank priced a A$800 million (US$553 million) increase to its February 2024 Kangaroo bond, bringing the total outstanding in the line to A$2.1 billion. The tap was led by Deutsche Bank, Nomura and TD Securities and is the largest Australian dollar deal from a supranational, sovereign and agency (SSA) borrower since World Bank introduced the line in February with a A$1.3 billion deal.
Finding new investors key for securitisation through the cycle, says report
The Australian Securitisation Forum (ASF) and Perpetual Corporate Trust (Perpetual)’s Australian Securitisation Issuer Report 2019 highlights the continued importance of finding new investors to ensure the ongoing viability of securitisation issuance through the cycle. Consistent issuance is found to be the most effective, but in lieu of this issuers say innovation in assets and structure can help attract and retain investors.