Auckland Council beats a path for New Zealand green bonds
Auckland Council revealed its intention to be New Zealand’s first domestic green-bond issuer in March, with market development one of its key objectives. In the wake of the transaction’s pricing, on 21 June, deal sources say the issuer achieved this objective, uncovering significant demand and attracting new investors.
Read more: Auckland Council beats a path for New Zealand green bonds
TCorp reveals reduced borrowing programme for 2018/19
Late in the Sydney day on 19 June, following the release of the New South Wales (NSW) state budget, NSW Treasury Corporation (TCorp) revealed a A$6.6 billion (US$4.9 billion) term-funding requirement for the 2018/19 financial year. The borrowing programme is comprised of A$2.4 billion of new client loans and A$4.2 billion of projected maturities.
Global green-bond market prepares for leap to mainstream
Scaling up and broadening supply through globally harmonised issuance standards will be a key goal for the international green-bond industry in the coming years, according to market participants at the leading international forum for the sector. Asia’s significance as a source and target of issuance is only set to grow.
Read more: Global green-bond market prepares for leap to mainstream
Market technicals support Westpac’s benchmark tier-two deal
Wholesale tier-two transactions from the major banks, at least in public benchmark format, have been few and far between in the Australian market in recent years. This has created a scarcity-of-supply dynamic which, along with recent redemptions, resulted in significant demand for Westpac Banking Corporation (Westpac)’s latest tier-two benchmark.
Avanti’s rare New Zealand RMBS uses Australia as a blueprint
Avanti Finance (Avanti) priced a rare New Zealand residential mortgage-backed securities (RMBS) transaction on 12 June, in a NZ$200 million (US$140.7 million) deal arranged by Westpac New Zealand (Westpac). With a limited universe of local RMBS against which to compare, deal sources say the similarities between the Australian and New Zealand markets came into play.