World Bank rides volatility to break Kauri deal and issuance records with new benchmark
World Bank’s successful placement of a record-sized Kauri transaction – in sustainability-development format – is a positive sign for market evolution, according to deal sources. The NZ$1.5 billion deal, upsized from its initial NZ$300 million, printed despite a challenging rates environment.
Melbourne Airport leans into Australian dollars
Melbourne Airport turned to the domestic market to execute its latest transaction in part to avoid offshore investor concern about Australia’s strict border rules. The A$700 million 10-year deal priced on 17 November, becoming the issuer’s first domestic transaction since 2016.
New Zealand electricity sector continues backing green debt
Mercury NZ and Contact Energy elevated their green-bond programmes by pricing innovative deals in the week ending 12 November. Mercury became the first Kiwi company to issue an Australian dollar use-of-proceeds green bond while Contact priced its first-ever green subordinated transaction.
WA seeks to assuage information-hungry investors with ESG pack
Western Australia has released an environmental, social and governance investor pack summarising “key policy commitments and actions to address environmental and social challenges” facing the state. According to Western Australian Treasury Corporation, the pack responds to growing demand for this type of information from mainstream investors and marks an important step on the road to sustainability-bond issuance.
Working life: Looking for the new normal
Nearly 250 women from across the Australasian capital-markets universe shared their views on what working life could look like after the pandemic in the second annual KangaNews Women in Capital Markets survey conducted in October. The consensus is clearly that COVID-19 has reshaped working practices forever.