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Australia’s big-four banks returned to funding markets with a vengeance in the second and third quarters of 2021. Their volume of domestic issuance is starting to build, and offshore activity and the banks’ own signalling suggest the majors will be back to their pre-pandemic issuance run rate in short order.
Investor appetite for green, social and sustainability bonds continues to outstrip supply, with two recent semi-government deals attracting renewed engagement from a diverse range of domestic and global investors. The bonds – from Queensland Treasury Corporation and Treasury Corporation of Victoria – significantly stepped up flow from these issuers.
The introduction of uncleared-margin rules for OTC derivatives in Australia is leading market participants to consider central-clearing solutions. As the regulations capture a growing number of users, ASX says the need to move away from bilateral trading and manage compliance obligations is growing.
Resimac’s Bastille Trust Series 2021-2NC is only the second Australian-origin securitisation transaction this year to include foreign-currency tranches. Execution certainty at attractive pricing levels drove the decision as the domestic market prepares itself for supply-side changes.
