Heathrow takes a long view of the Australian market
In the wake of its October debut in the Australian dollar market, Sally Ding, director, treasury and corporate finance at Heathrow Airport (Heathrow) in London, shares some honest insights about the deal execution experience in Australia relative to other global markets.
Read more: Heathrow takes a long view of the Australian market
Sydney Airport blown over by Australian dollar demand in USPP market return
In October, Sydney Airport issued in the US private placement (USPP) market for the first time since 2014. According to Michael Momdjian, the airport’s treasurer, the deal received a blowout response with globally competitive pricing, ample Australian dollar demand and a big enough book to support a multiple-times oversubscription at final volume.
Get ready now for major hedging changes, regulators warn
Australian regulators and global industry participants have warned market users not to delay preparations for sweeping changes to international hedging markets. Meanwhile, although Australia’s bank-bill swap rate (BBSW) has survived the cull of global interbank offered rates (IBORs), local regulators are now intensifying their suggestion that one-month BBSW may no longer be suitable as a reference rate for new issuance.
Read more: Get ready now for major hedging changes, regulators warn
Liquidity management not funding spurs TCV’s jumbo three-year
Treasury Corporation of Victoria (TCV)’s new three-year transaction was driven by liquidity management needs as the Victorian government continues to implement its working-capital efficiency project. With little issuance from the semi-government sector in this part of the curve, TCV says it was positively surprised by the diversity of investors and demand it uncovered.
Firstmac finds competitive pricing in a wider market
Firstmac’s third residential mortgage-backed securities (RMBS) deal for 2018 continues the issuer’s strategy of targeting specific jurisdictions with its transactions. The issuer tells KangaNews that demand enabled it to upsize and price competitively despite more challenging market conditions.