AOFM shares investor and issuance insights ahead of anticipated turbulence
Rob Nicholl, Canberra-based chief executive at the Australian Office of Financial Management (AOFM), used a 30 May speech to Australian Business Economists (ABE) to predict “a strong possibility of heightened geopolitical uncertainty” over the coming year. But he also offered insights into the AOFM’s global investor base to support his claim that the issuer is well positioned for future volatility.
Covered-bond-specific demand draws Westpac back to domestic issuance
Reverse enquiry spurred Westpac Banking Corporation (Westpac)’s return to the domestic covered-bond market with the first Australian dollar benchmark covered bond from a major bank this year. Westpac printed A$2 billion (US$1.49 billion) of 5.25-year covered bonds on 24 May.
Kiwibank confirms loss of capital status of two instruments
Kiwibank confirmed on May 29 that two instruments it initially issued as regulatory capital securities will no longer qualify as such, following confirmation of a preliminary view on these securities’ status by the Reserve Bank of New Zealand (RBNZ). The disclosure of the preliminary view caused angst in the New Zealand market in March as it came between pricing and settlement of a Kiwibank senior Kangaroo deal, which the issuer was forced to pull.
KangaNews Fixed-Income Research Poll 2017: results announced
KangaNews is pleased to present the results of its 2017 Fixed-Income Research Poll. This is the only independent, specialist poll of fixed-income investors' views on relevant research in the Australian market. This year marks the seventh consecutive year the poll has been running, and like the previous year 2017 broke a new record in terms of responses. More than 90 legitimate votes were received from qualifying institutional investors.
Read more: KangaNews Fixed-Income Research Poll 2017: results announced
Liberty retains – and builds – demand despite downgrade during bookbuild
Liberty Financial (Liberty) printed an upsized and oversubscribed senior-unsecured transaction despite falling victim to an S&P Global Ratings (S&P) action that downgraded the issuer alongside 22 other Australian financial institutions. Liberty triggered a 50 basis points step-up built into its programme to retain investors, and says the higher margin on offer may have attracted additional bids.