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Treasury Corporation of Victoria priced a A$3.5 billion (US$2.6 billion) floating-rate note on 7 October, in what was the largest single-tranche floating-rate deal ever printed by an Australian semi-government issuer. Bank balance-sheet investors dominated the book, reflecting shifting demand patterns following the announcement that the committed liquidity facility will shrink to zero.
Australia’s nonbank financial institutions have enjoyed an unprecedented domestic funding bonanza in 2021 as circumstances have aligned to provide all-time record securitisation volume and the best pricing conditions since the financial crisis. Book growth and the return of competing supply mean the search for new liquidity pools is likely to move back up the agenda soon, however.
Deal activity in the first week of October was highlighted by Treasury Corporation of Victoria's jumbo syndicated floating-rate note transaction.
Investa Property Group says green-bond investors are becoming more sophisticated, as it prepares for a green bank-debt capital markets future. The firm recently priced a A$140 million (US$102.4 million) use-of-proceeds green bond, a follow up to Australia’s first such deal in 2017.