EIB takes its opportunity in Kangaroo market
In the wake of 2019’s first benchmark Kangaroo deal from a euro-based funder in 2019, the issuer – European Investment Bank (EIB) – says Australian dollar economics are currently challenging for euro funders but opportunities are available.
Major-bank issuance kicks off for 2019
Two of Australia’s major banks are underway with their funding for calendar 2019, with one domestic and one offshore transaction printed. The issuers say ongoing market volatility remains front of mind as they enter the new year, and was factored into their market choices – but at this stage it is not expected to affect their broader funding strategy.
Enduring appeal
The US private placement (USPP) market has arguably been the preferred bond-funding option for Australian corporate borrowers for many years. Market participants acknowledge Australian issuers’ closer ties to USPP than credits from comparable jurisdictions, and say demand evolution in the US means there is little chance of a change in issuance habits.
New Zealand debt market eyes a shake-up following RBNZ capital plan
Proposed new capital-ratio requirements for New Zealand’s banking sector are causing frustration in the local debt market as participants grapple with a raft of potential consequences. While financial institutions have grown accustomed to increases in capital requirements in the post-financial crisis era, market participants say the wider implications of such a significant shift are largely unknown.
Reviewing a year of renewed risk and reading the runes for 2019
In late November 2018, KangaNews hosted its annual roundtable discussion for Australian fixed-income strategists. At the end of a turbulent year for markets and geopolitics, the discussion was unusually wide-ranging – taking in factors as diverse as the long-term status of the US dollar as global reserve currency, the duration of the Australian housing-market decline and the credit-supply outlook.
Read more: Reviewing a year of renewed risk and reading the runes for 2019