Tenor extension the focus in Housing NZ’s latest deal
Extending its curve to 10 years was Housing New Zealand (Housing NZ)’s focus in its latest transaction. The issuer says conducive pricing facilitated its curve extension, which takes it into duration territory rarely seen in the New Zealand syndicated market.
KDB finds deeper demand in Kangaroo market return
Korea Development Bank (KDB) was able to execute its first Kangaroo deal since November 2015 – the first from any Korean borrower since the first half of last year – despite the deal coming at the end of a week of global market volatility. Deal sources say the issuer achieved a twice-oversubscribed book with an attractive cost of funds, which hints at a potential revival in opportunities for mid-curve Kangaroo issuance.
Fixed-income investor survey: betting the house
In September 2018, Fitch Ratings (Fitch) and KangaNews conducted their biannual Australian Fixed-Income Investor Survey for the 10th time. Survey data collected over the past half decade show the changing patterns of investor outlook – and the latest iteration zeroes in on the domestic housing market as a key risk factor.
First Australian maturity provides proof of concept for SIBs
The first maturity of an Australian social impact bond (SIB), used to fund The Benevolent Society’s Resilient Families programme, marks an important point in the local development of the instrument, deal participants say. In particular, they point to the financial and social results as a validation of the use of SIBs to achieve social outcomes.
Read more: First Australian maturity provides proof of concept for SIBs
The essence of private debt
The private debt market has been much discussed in Australia but is often defined in narrow terms – for instance as a direct equivalent of the US private placement bond market. Investors say the potential of private debt can only be seen when its true scope is revealed and the reasons for wider funding of these assets understood.