Another deal dodges market upheaval as NAB debuts green RMBS in Australia
National Australia Bank (NAB)’s first capital-relief residential mortgage-backed securities (RMBS) deal to price since the financial crisis – and the first RMBS from any issuer in Australia to contain certified green notes – achieved oversubscription across its structure and tight-end-of-guidance pricing despite coming to market in a period of renewed equity-market volatility, the issuer says.
Government-sector issuers roundtable part three: issuance insights
The final part of KangaNews’s exclusive Australasian government-sector issuers roundtable covers the specifics of funding plans – including the outlook for foreign-currency, floating-rate, and green and social securities.
Read more: Government-sector issuers roundtable part three: issuance insights
Government-sector issuers roundtable part two: New Zealand perspectives
The New Zealand government-sector bond market is well placed going into 2018, issuers tell KangaNews. A positive economic story and projected lower issuance from the sovereign should support a solid supply-demand dynamic – though issuers say they continue to work hard at investor engagement at home and abroad.
Read more: Government-sector issuers roundtable part two: New Zealand perspectives
Government-sector issuers roundtable part one: Australian perspectives
In January 2018, KangaNews invited representatives of Australia’s biggest government-sector funders to a roundtable discussion in Sydney. In the first part of the discussion, the issuers shared insights into the global funding environment, global investor demand and their own ambitions with respect to curve duration.
Read more: Government-sector issuers roundtable part one: Australian perspectives
January issuance and spread resilience reinforce Australian credit against market squall
The fact that Australian dollar credit issuance slowed around February’s equity-market correction should not be interpreted as a sign of a market taking flight, intermediaries say. Many issuers are comfortably funded after a busy end to 2017 and January 2018, allowing them to wait until the dust settles on the latest market move. Credit spreads, meanwhile, suggest rationality reigns.