Resimac harnesses US investor demand in latest RMBS deal
US-based investor demand for Resimac’s Premier Series 2018-1 prime residential mortgage-backed securities (RMBS) went beyond the US dollar-denominated Class A1 notes, with support coming across the structure and in reverse enquiry for a fixed-rate tranche, according to deal sources. Support was such that Resimac may look to include US dollar notes in its next nonconforming deal.
New Zealand’s semi-government market gets a boost as Housing NZ returns
Housing New Zealand (Housing NZ) plans to issue around NZ$1 billion (US$688.1 million) by the middle of 2019 as the public-housing agency significantly ramps up its new building and renovation – and thus funding – activities. The issuer talks to KangaNews about its issuance strategy and the unique nature of its credit.
Rising rates support brace of Australian-origin convertible deals
After a three-year issuance hiatus, a brace of Australian firms have completed convertible bond transactions in 2018. While not predicting a full-scale issuance revival, deal sources suggest equity valuations, normalising interest rates and the ongoing hunt for diversification should support renewed interest in the asset class.
NZDMO reveals higher borrowing requirement for 2018/19
On 17 May, following the New Zealand Treasury’s release of the Budget Economic and Fiscal Update 2018, the New Zealand Debt Management Office (NZDMO) revealed a NZ$8 billion (US$5.5 billion) borrowing programme for the 2018/19 financial year. The forecast is NZ$1 billion higher than the estimate given at the Half Year Economic and Fiscal Update (HYEFU) in December 2017.
WATC reveals A$8 billion funding requirement for 2018/19 financial year
On 11 May, following the release of the Western Australian state budget, Western Australian Treasury Corporation (WATC) revealed a borrowing requirement of A$8 billion (US$6 billion) for the 2018/19 financial year. The requirement is comprised of A$5.3 billion of refinancing and A$2.7 billion of new money. According to WATC, its “benchmark bond programme will be the primary source of funding, supplemented by floating-rate notes”.