Santos return highlights Reg S US dollar pricing rebound
Santos Finance (Santos) became the first Australian corporate borrower to access the US dollar Reg S market in nearly a year on 6 March, when it priced its second transaction in this format. Deal participants say the market is retracing the spread widening that occurred in the second half of 2018 and becoming an attractive option again for corporate borrowers looking for longer tenor deals.
Opco void drives demand for MUFG Sydney’s record deal outcome
MUFG Bank Sydney Branch (MUFG Sydney) priced the largest-ever single-tranche deal from a Japanese bank in the Australian market on 5 March. A number of factors contributed to this outcome, sources say, but the void left in operating company (opco) issuance by international banks as they move to a holding company (holdco) structure was a particular driver.
QTC streamlines its process and steps up volume for green-bond return
Programmatic certification eased the route to market for Queensland Treasury Corporation (QTC)’s second green-bond transaction, the issuer says. With considerable growth in the eligible pool of assets since QTC’s first green bond in 2017, deal participants say the new deal demonstrates how borrowers can scale up their green issuance over time.
Read more: QTC streamlines its process and steps up volume for green-bond return
No alarm and little surprise on Suncorp RMBS arrears, analysts say
Analysts tell KangaNews the trigger of a stepdown provision in Suncorp Group (Suncorp)’s Apollo 2010-1 residential mortgage-backed securities (RMBS) trust is not a sign of systemic problems with the asset class, despite rising arrears in the loan pool. In fact, they say the function is working as it should – to protect senior noteholders.
McDonald’s takes a big order in Kangaroo debut
McDonald’s Corporation (McDonald’s) capitalised on rallying market sentiment and a lack of recent corporate Australian dollar issuance to achieve a significant volume and tight pricing in its Kangaroo debut, according to deal participants.