Firstmac’s new approach opens door to Asian regional RMBS issuance
Firstmac’s return to the residential mortgage-backed securities (RMBS) market took a new approach to US dollar issuance. This – together with the issuer’s longstanding engagement with international investors and a European-friendly deal structure – allowed it to find brand-new investors and a majority-offshore distribution profile.
Future shock: future trends in investment
A key topic on the agenda at the KangaNews Sustainable Debt Summit, held in Sydney on 13 March, was how environmental, social and governance (ESG) considerations are reshaping the fundamental nature of investment management. A group of end investors representing disparate corners of the sector discussed ESG as the next frontier in core investment.
Global demand drives Pepper’s latest RMBS book past A$2 billion
Demand for Pepper’s latest residential mortgage-backed securities (RMBS) transaction surpassed A$2 billion (US$1.5 billion) including a substantial offshore bid. The deal was well underway before market volatility spiked again, but the issuer says the main driver of investor support was its long-term and ongoing offshore investor-relations campaign.
Reg S dominates as Australian offshore corporate flow kicks off for 2018
Australian-origin nonfinancial corporate offshore public issuance got underway for 2018 as Pacific National debuted in US dollar Reg S format on 15 March. In the wake of the transaction, the issuer tells KangaNews that a groundswell of support from local intermediaries for the Reg S option drove market selection.
The liquidity conundrum
The KangaNews DCM Summit gathered a range of specialists in Sydney on 14 March to debate the latest state of play in market liquidity, trading and benchmarks. Developments across asset classes and what to expect from liquidity as volatility returns were high on the agenda.