Kauri market rolls on in 2018 as KfW returns
The Kauri market is showing signs of building on the positive start achieved by supranational, sovereign and agency (SSA) issuers in 2018. Market sources also say a favourable move in the New Zealand dollar basis swap has improved Kauri economics for euro-denominated issuers such as KfW Bankengruppe (KfW).
AOFM wraps up RMBS divestment with its 11th and final auction
The Australian Office of Financial Management (AOFM) completed its 11th and final residential mortgage-backed securities (RMBS) divestment auction on 22 February, with the securities sold representing the remainder of the portfolio. The total amortised face value sold was A$312.8 million (US$244 million) from five tranches originally issued by Bendigo and Adelaide Bank, ING and ME Bank.
Australasian maturity profile hints at market-development patterns
Data on the maturity volume for various sectors of the Australian and New Zealand debt markets may provide only limited clues as to forthcoming issuance patterns, but it does shine a light on market development. In particular, issuance has tended to exceed maturities in most Australian dollar credit asset classes while New Zealand supply has lagged redemptions of late.
SDG the next step forward for Australian – and European – sustainable debt
On 14 February, ANZ Banking Group (ANZ) issued the first-ever bond from an Australian bank to be tied to the UN Sustainable Development Goals (SDGs), the first such deal ever in the euro market and just the second from any bank globally. KangaNews spoke to deal sources about the demand drivers, the bank’s own motivations and the shape of market evolution.
Read more: SDG the next step forward for Australian – and European – sustainable debt
AusNet’s 10-year outcome highlights consistency of Australian corporate issuance conditions
AusNet Services (AusNet)’s debut deal for 2018 demonstrates the long-dated demand uncovered in 2017 was not simply a trend while conditions were favourable, deal sources argue. Demand, and AusNet’s final outcome, were robust despite broader market uncertainty.