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Deal flow slowed in the week ending 24 September. There were highlights in securitisation markets, however, with UDC Finance executing its debut asset-backed deal in New Zealand and Westpac Banking Corporation's funding-only, residential mortgage-backed transaction in Australia - a major bank drought-breaker.
Securitisers not embracing sustainability-aligned issuance could expose themselves to future pricing risk as investor mandates demand more green bonds, according to market participants speaking about a new Australian Securitisation Forum-Perpetual report.
Allied Credit’s second auto and equipment asset-backed securities transaction significantly improved pricing from its first, just under one year ago. The more pleasing aspect, however, was bringing in several new investors, according to the issuer.
The New Zealand corporate bond market has seen a flurry of recent deals aimed at retail investors, with more than NZ$1 billion (US$701 million) issued so far over September. Borrowers are taking advantage of heightened retail demand.
Commonwealth Bank of Australia’s recent green bond is the bank’s first since March 2017. The issuer says it is committed to supporting the growth of green issuance in the Australian dollar market and, while it is taking a conservative view on eligible assets, it expects supply capacity to grow over time.