Trustpower breaks unrated coupon floor with resetting deal
Trustpower kicked off New Zealand corporate flow for 2019 with an outcome that sources insist carries over positive momentum from the previous year. It is the first New Zealand unrated corporate deal to break a 4 per cent coupon floor, using the 10-year resetting structure which gained in popularity late in 2018.
Structural features bring investor diversity to Westpac’s funding-only RMBS
Broad investor participation characterised Westpac Banking Corporation (Westpac)’s first residential mortgage-backed securities (RMBS) transaction since 2015. The issuer attributes robust demand to structural features including a funding-only structure, a date-based call and a Hong Kong listing – and envisages a more regular RMBS issuance schedule going forward.
New Zealand's high-grade sector close up
In January 2019, KangaNews invited representatives of New Zealand’s major government-sector funders to a roundtable discussion in Wellington. The discussion covered all the factors most relevant to these issuers in today’s market – including the global funding environment, supply-and-demand dynamics and the future of New Zealand sustainability financing.
GM gets Australian corporate market in gear for 2019
A debut Kangaroo transaction from General Motors Financial Company (GM) has kick-started Australian corporate issuance in 2019. Deal sources say the tenor and volume achieved were a good result for this segment of the corporate market and lay a good platform for an issuer that has also established a domestic subsidiary.
Australia's government sector takes the long view
The start of 2019 marks an interesting juncture for Australia’s government-sector borrowers, characterised by falling sovereign issuance, heightened market volatility and the emergence of sustainable debt as a regular funding option. KangaNews gathered the market’s key players at a roundtable discussion in Sydney to exchange views on the outlook.
Read more: Australia's government sector takes the long view