Telstra unlocks Asian demand through debut Reg S-only deal
Telstra Corporation (Telstra) printed its first Reg S-only deal in November. The transaction is the tightest ever issued by an Australian corporate in the US dollar Reg S market, leads say, and garnered solid Japanese take up.
Refined process and market tone helps AOFM reinvigorate RMBS sales
The Australian Office of Financial Management (AOFM) completed what was by some distance its most successful divestment auction for its residential mortgage-backed securities (RMBS) portfolio on 23 November. The divestment programme fizzled out in late 2015 on the back of unspectacular demand, but the AOFM says a revised approach and positive market conditions enabled it to return with a superior auction outcome.
Offshore bid for Australian RMBS extends to nonconforming deals, issuers say
A trifecta of nonconforming residential mortgage-backed securities (RMBS) deals priced early in Q4 – from Bluestone Group (Bluestone), Pepper and Resimac – serve to illustrate the ongoing positive demand story for the Australian asset class.
Euro market proves fertile ground for Westpac’s latest green-bond foray
Australian green and social impact bond issuance has gained momentum throughout 2017 both domestically and offshore. On 16 November, Westpac Banking Corporation (Westpac) extended its green bond programme to the euro market, pricing a €500 million (US$591.6 million) transaction.
Australian capital optimisation evolving as ME Bank breaks new ground
Leads and issuer on Australia’s third-ever wholesale additional tier-one (AT1) deal and the first to write off rather than convert at point of nonviability (PoNV) – as printed by ME Bank on 16 November – say the transaction demonstrates the continued evolution of bank capital optimisation.