Post-deal insights: Pepper's latest RMBS opens the offshore investor door wider
Pepper Group (Pepper) included the longest-dated foreign-currency tranche in an Australian-origin residential mortgage-backed securities (RMBS) deal since the financial crisis in the deal it priced on October 6. The issuer and its arranger say doing so helped attract new global investors to Pepper, while the deal structure helped overcome the sometimes punitive cost of cross-currency swaps on securitisation deals.
Pre-deal insights: AOFM's curve-extending 30-year bond should support Australian market maturity
Market participants say the Australian Office of Financial Management (AOFM)'s plan to extend its bond curve out to 2046, beyond its current longest maturity point of 2040, highlights the evolving maturity of the Australian market. The extension could attract new buyers into the AOFM curve and in turn bolster the wider market's trading capabilities and international relevance.
Post-deal insights: Supply drivers in the spotlight as New Zealand corporate flow hits record levels
The comingling of retail and institutional investment pools that has helped drive a resurgence in New Zealand credit deal flow continues to support supply, say lead managers and issuers from the two most recent corporate deals. Issuance is also being backed by redemption flows and corporate borrowers taking the opportunity to diversity their funding.
Post-deal insights: AAI's distribution further emphasises middle-market bid emergence
The extent of middle-market demand for AAI's recent tier-two offering took even the issuer and its lead managers somewhat by surprise, they tell KangaNews. AAI – Suncorp Group (Suncorp)'s wholly owned insurance subsidiary – capped volume on its most recent trade at A$330 million (US$251.6 million) although the deal was multiple times oversubscribed.
Post-deal insights: ASB's offshore deals highlight resilient global conditions and solid demand dynamics
In the wake of its annual results in August, ASB Bank (ASB) issued around A$1.3 billion (US$976.7 million) equivalent in the sterling and US dollar Reg S markets. Volume and tenor requirements drove market selection, the issuer reveals, while intermediaries insist the outcome of both deals illustrates calm global conditions and solid investor support for the bank.