Bedding down WA’s budget reform
Western Australia (WA)’s second state budget in eight months, delivered on 8 May, revealed promising signs of improvement for the state’s finances. In an address hosted by Western Australian Treasury Corporation in Sydney on 31 May, state treasurer Ben Wyatt cited public expense reform, improving commodity prices and the emergence of lithium as a major export, as key factors in what he describes as the best WA budget position across forward estimates since the 2012/13 budget.
KangaNews Fixed-Income Research Poll 2018: results announced
The results of the eighth iteration of the KangaNews Fixed-Income Research Poll, the only independent, specialist poll of fixed-income investors' views on research in the Australian market, are supported by a record number of responses for the third consecutive year in 2018. More than 100 qualifying votes were received from institutional investors. KangaNews is pleased to reveal the full suite of 2018's winners.
Read more: KangaNews Fixed-Income Research Poll 2018: results announced
Hypo VBG hoping to demonstrate Kangaroo value to smaller issuers
The Kangaroo market has traditionally been a diversification play for global borrowers with substantial funding tasks, but Austria’s Hypo Vorarlberg Bank (Hypo VBG) (A/A3) believes the Australian dollar option can be a perfect fit for its profile as a relatively small but innovative issuer.
Read more: Hypo VBG hoping to demonstrate Kangaroo value to smaller issuers
Regulatory capital flexibility the goal for NAB in green trust deal
National Australia Bank (NAB) aims to free up regulatory capital for additional renewable-energy lending by funding part of its existing loan portfolio via an external trust vehicle. While investor demand makes renewables particularly suitable for this type of transaction, NAB also believes it could be applied elsewhere in the institutional balance sheet.
Read more: Regulatory capital flexibility the goal for NAB in green trust deal
Virgin touches down with high-yield domestic debut
Virgin Australia (Virgin) priced the Australian market’s first single-B rated, high-yield public bond on 18 May. Deal sources cite a broad spectrum of investor participation as evidence of growing demand for this product, but they caution that the success of similar deals will, like Virgin’s, be dependent on the credit.