Post-deal insights: Chorus's debut deal highlights retail and institutional investor synergy
In the wake of New Zealand's fifth corporate deal of 2016, and the country's largest non-financial corporate transaction since 2009, market participants involved in the transaction suggest that both retail and institutional investor demand remain supportive of further corporate supply.
Results show institutional bank feeling the pain as ANZ "simplifies"
Half-year results released by ANZ Banking Group (ANZ) on May 3 highlight the extent to which the institutional arm of the bank is in the firing line of chief executive Shayne Elliott's drive to "build a simpler, better capitalised and more balanced bank". ANZ has cut its dividend payout, in part to further its goal of reinforcing its capital position.
KangaNews-Fitch Australian Fixed-Income Investor Survey H1 2016 results published: buy side downbeat on issuance, mixed on macro prospects
Results of the Australian Fixed-Income Investor Survey for H1 2016, conducted by KangaNews in February and published in partnership with Fitch Ratings (Fitch), were published on April 15. The results show the Australian investor base to have declining expectations of credit supply growth, but to have only moderate concerns about the trajectory of the Australian economy.
Post-deal insights: Flexi's green pricing advantage may hint at future outcomes
The arranger of the first Australian asset-backed securities (ABS) transaction to include a tranche of certified green notes says this tranche's relatively tight issue margin could be repeatable in future such deals. The deal's issuer, meanwhile, says it encountered ample demand for the green tranche and hopes to repeat the mixed-format securitisation structure in due course.
Post-deal insights: KDB's debut marks a step forward for the Kauri market
On April 7, Korea Development Bank (KDB) (AA-/Aa2/AA-), priced its first-ever Kauri transaction. According to KangaNews data, the deal is the first Kauri issued without a triple-A rating since Telstra Corporation printed NZ$100 million (US$67.7 million) of fixed-rate notes in May 2010. KDB and its leads are cautiously optimistic about the prospects for further Kauri issuance diversity in future.