Pepper clears European regulation hurdle for latest RMBS deal
Pepper Group (Pepper) became the first non-EU issuer globally to undertake a securitisation under new European regulations via a new residential mortgage-backed securities (RMBS) deal priced on 22 February. The issuer says extensive work was needed to get to grips with the regulations, which were still being finalised as Pepper marketed the deal.
Simplicity key in BNP Paribas’s senior nonpreferred EMTN
On 21 February, BNP Paribas priced a dual-tranche senior nonpreferred EMTN, the first Australian dollar deal in this format for 2019. Lead managers say taking a simple, broadly appealing structure to the market was essential in achieving benchmark volume in what can be a challenging format.
Rates backdrop drives scale of demand for World Bank Kangaroo
World Bank’s latest Kangaroo deal marks its return to large mid-curve volume issuance, having been absent since September 2017. The leads and issuer say a softening global rates environment and increasingly positive market tone were key in achieving very robust volume outcome.
Reverse enquiry spurs AfDB’s Kauri market return with SRI bond
African Development Bank (AfDB) made its first foray into the Kauri market in more than four years on 21 February, with a rapidly launched and priced 10-year socially responsible investment (SRI)-linked deal. The issuer and lead say the deal was made possible by reverse enquiry from Asia, and insist the theme and maturity present a positive development for the market.
Increasing deal size and decreasing frequency to the fore for majors
National Australia Bank (NAB)’s latest Australian dollar senior deal faced some challenges in execution, deal sources say, but still managed to draw significant volume and tightened pricing relative to guidance. The transaction is evidence of a growing trend of higher volume but lower issuance frequency by Australia’s major banks.