NAB returns to covered bonds amid increased execution risk
Domestic covered-bond issuance from Australia’s major banks has been scarce since 2012, with just one deal in each of the last three years. With global market conditions expected to be less benign in the immediate future, National Australia Bank (NAB) says its recent covered bond transaction was the right move.
IFC seeks market evolution with first Kangaroo social bond
The Australian responsible-investment market has taken another evolutionary step with the pricing of the inaugural Kangaroo social bond by International Finance Corporation (IFC). The issuer says the deal presented challenges, but IFC is confident the product will grow. Meanwhile, intermediaries say the transaction displays strong Australian investor appetite for the product.
Read more: IFC seeks market evolution with first Kangaroo social bond
Investor crossover leads to domestic execution opportunities for New Zealand corporates
New Zealand domestic corporate deal flow is underway for 2018, with GMT Bond Issuer, the financing arm of Goodman Property trust (Goodman), and Transpower New Zealand (Transpower) pricing transactions that deal sources say demonstrate supportive demand dynamics. A notable feature of these transactions is crossover demand from retail and institutional investors.
Price and volume aspirations key for CommBank as it returns for new AT1
Commonwealth Bank of Australia (CommBank) launched its first retail-targeted additional tier-one (AT1) transaction of 2018, PERLS X capital notes (PERLS X), on 7 March. CommBank says it is balancing price and volume aspirations carefully – and it is confident of a robust outcome. This is based on the level of genuine retail demand it is observing, coupled with some incremental institutional-investor support.
WATC satisfies demand with five-year FRN
Western Australian Treasury Corporation (WATC) says it is meeting client and investor demand, and fulfilling its financing promises by issuing a benchmark floating-rate note (FRN). Meanwhile, the issuer believes investors are beginning to respond to the green shoots evident in the Western Australian (WA) economy.