Scarcity value, sectoral views and tightening credit spreads support VPN’s record-breaking domestic return
The cost of funding in Australian dollars is well inside other options at present, including US private placement (USPP). So says Victoria Power Networks (VPN)’s treasurer in the wake of its first domestic transaction in three-and-a-half years. A trio of factors enabled VPN to achieve record-breaking pricing.
Headline risk sparks explosion in responsible investing in New Zealand
New Zealand’s investment landscape has seen a step change in the use of screening over the past year according to the findings of a report published by Responsible Investment Association Australasia (RIAA). “Consumer demand combined with media and political pressure in 2016” sparked 2,500 per cent year-on-year growth in “core” or screened assets under management, to NZ$42.7 billion (US$31.2 billion).
Green shoots in New Zealand as IFC opens its Kauri green-bond account
In the wake of New Zealand’s first-ever green bond, the deal’s issuer and arranger express optimism around the development of socially responsible investment (SRI) locally. In particular, they highlight a change in the nature of conversations market participants are having about the emerging asset class as a sign of burgeoning demand.
Australian market believes Verizon made the right call in local debut
The debut Kangaroo transaction issued by Verizon Communications (Verizon) highlights the increasingly productive state of the Australian dollar corporate bond market and its international competitiveness, market users say. Verizon elected to debut in Australia off a local programme, maximising the scale of its deal without compromising on relative pricing.
Predictability and regularity key for BNZ as it completes its 2017 wholesale funding task
In the wake of two – one domestic and one offshore – senior-unsecured deals issued during the month of July, Bank of New Zealand (BNZ) says lower volume of domestic issuance in recent years is offset by a greater call on foreign-currency markets in line with issuer strategy. There has been no impact on demand from a one-notch Moody’s Investors Service (Moody’s) downgrade in May 2017, the issuer insists.