Post-deal insights: Support for Melbourne Airport's 10-year is a small step in the right direction for the domestic market
In the wake of a return to the Australian domestic market by Australia Pacific Airports Corporation (Melbourne Airport), the issuer says a positive response from international and domestic accounts provided renewed confidence in domestic capacity. Noting the relative scarcity value in corporate bonds, intermediaries agree that the outcome is encouraging. But they are not predicting a deluge of additional supply just yet.
Post-deal insights: limited supply and improved margins prompt trebled ME RMBS volume
Favourable execution conditions attracted ME back to the domestic residential mortgage-backed securities (RMBS) market, the issuer says. ME printed a total of A$1.5 billion (US$1.2 billion) from a A$1.9 billion final book across six-tranches in its first RMBS transaction of the year, according to arranger data. The A$1.4 billion class A1 notes priced at 118 basis points over one-month bank bill swap rate (BBSW).
Post-deal insights: euro market ticks the boxes for Chorus's offshore debut
In the wake of Chorus's inaugural offshore deal in its new guise, the issuer says the scale provided by international markets was necessary to satisfy its funding requirements. While intermediaries acknowledge that European QE dynamics may have had some effect on demand, they say solid support for Chorus was also due to the issuer's own credit story.
Post-deal insights: AOFM's 30-year debut lays foundations for further market development
The Australian Office of Financial Management (AOFM) has broken volume and duration records with its latest curve-extending syndication, highlighting significant global demand for longer-dated Australian dollar product. Issuer and intermediaries note the entrance of new investors as a positive take out from the transaction and say they are optimistic around the potential for further market development in the wake of the deal.
Post-deal insights: Qantas flies as bid leadership from Asia supports "overwhelming" demand
In the wake of its twin-hit return to the Australian dollar market, Qantas Airways (Qantas) says its commitment to the improvement of its financial profile gave confidence to investors – which in turn added to the high level of demand the transactions garnered. The Asian bid was notably stronger than in Qantas's previous trades, lead managers reveal, while domestic investor support was "meaningful" despite some rating-specific mandate constraints.