QBE believes gender-equality format doubled its Reg S AT1 book
QBE priced a new additional tier-one (AT1) transaction on 10 November, printing US$400 million in a no-grow deal with a May 2025 first call date. In a first for the Australian market, the Reg S deal was issued in accordance with an issuer gender-equality framework. Paul Byrne, QBE’s Sydney-based group treasurer, estimates this approach may have doubled the volume of demand the transaction attracted.
The unique impact of Libor’s uncertain future on Australian RMBS transactions
In recent years, the London interbank offered rate (Libor) has faced increased scrutiny by market participants as well as regulatory authorities in the international financial markets. Leading US law firm Mayer Brown shares vital insights into how the future of Libor could affect Australian securitisers.
Read more: The unique impact of Libor’s uncertain future on Australian RMBS transactions
Australasian corporates take the lead on ESG
A growing segment of corporate Australasia is stepping up to the plate on sustainability, taking the lead among peers and in many cases government. The issues are complex, especially when it comes to transition management, but the wins are starting to stack up – including in the capital-markets arena.
AOFM lays out plans to resume RMBS divestment
The Australian Office of Financial Management (AOFM) revealed on 8 November that it plans to resume selling down its remaining residential mortgage-backed securities (RMBS) portfolio, after putting the divestment process on hold in 2016. In the interim, capital repayments have seen the AOFM’s RMBS portfolio dwindle to less than A$1.7 billion of residual face value, according to its own data.
Australia grabs a bigger slice of New Zealand credit flow
A quartet of Kangaroo deals priced in October took New Zealand-origin supply in the Kangaroo market to a new annual record. Deal sources say the evolution of the Australian credit market – especially increased consistency of liquidity at the 10-year mark – should keep the trans-Tasman option on the agenda for a clutch of Kiwi corporates.