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The Hunt for Yield

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The Hunt for Yield TRADING: LIQUIDITY HIGH-GRADE MARKET: TRANSPORTATION: SUPPORT IN THE NEW SUPPLY, DURATION SECTOR OUTLOOK AFTER TOUGHEST MARKETS AND PRICE DYNAMICS THE DUST SETTLES VOLUME 15 ISSUE 121 _ OCT/NOV 2020 www.kanganews.com THE HUNT FOR YIELD AS CASH RATES APPROACH – AND POSSIBLY SINK BELOW – ZERO, AUSTRALASIAN INVESTORS ARE EXPLORING ALL OPTIONS TO CAPTURE RETURN Where Lions meet Kangaroos and Kauris Our idea is to boost yours. As the state development agency, we continue to support one of Europe’s strongest regions: Baden-Württemberg. Find more information at www.l-bank.de/ir az_008-09_210x280_ILove_Gluehbirne_international.indd 1 03.09.20 16:04 Our mission: providing coronavirus aid to North Rhine-Westphalia KangaNews OCT/NOV 2020 EDITION VOLUME 15 ISSUE 121 www.kanganews.com Contents Head of content and editor LAURENCE DAVISON [email protected] Deputy editor FEATURE MATT ZAUNMAYR [email protected] New horizon for Staff writer CHRIS RICH specialist investors [email protected] 84 Australia’s private-debt market and the investors that Editorial consultant Sustainable NICK HOWELL specialise in it are not new phenomena. What is new is a [email protected] headline cash rate at close to zero and the withdrawal of Head of commercial supply from the biggest historical source of local credit Jeremy Masters German [email protected] issuance – the major banks. Specialist investors say their sector is attracting more interest and inflows. Head of operations HELEN CRAIG issuance and massively reduced bank [email protected] 6 supply will have – and whether these Reliable.BANK Chief executive MARKET NEWS changes will be permanent. SAMANTHA SWISS n AOFM’s record syndication flow [email protected] continues in Q3. n CBA bides time for domestic tier-two Guaranteed Design consultants deal. 24 HOBRA (www.hobradesign.com) COPUBLISHED Q+A n Do Woori, be happy: Korean Photography DAVID SMYTH PHOTOGRAPHY, JULIAN WATT debutant follows Shinhan to COMMUNICATION KEY PHOTOGRAPHY, BEDFORD PHOTOGRAPHY Kangaroo GSS issuance. AS RATING PRESSURE Committed (SYDNEY), TIM TURNER (MELBOURNE), THE n Defensive corporate credit PHOTO (WELLINGTON), GALEXIA STUDIOS hits the MOUNTS (MIAMI), GEORGE ARCHER (LONDON), mark in Australia. TIGER TIGER (AUCKLAND), IRWIN WONG n Qantas Ratings across the sovereign and PHOTOGRAPHY (TOKYO) sticks tricky landing to print A$625 million. subsovereign sector have come n under considerable strain during the KangaNews, ISSN 1751-5548 (PRINT); KEC talks funding strategy after ISSN 2207-9165 (ONLINE), IS PUBLISHED SIX Australian dollar debut. COVID-19 era. Germany’s federal TIMES A YEAR BY BONDNEWS LIMITED AND state of Baden-Württemberg, and its n Australia’s rejuvenated GSS pipeline DISTRIBUTED FROM SYDNEY, AUSTRALIA. development agency L-Bank, provide a PRINTED IN AUSTRALIA BY SPOTPRESS, FOR, delivers new issue for Lendlease. AND PUBLISHED BY, BONDNEWS LIMITED, n Equity-credit deals model for managing the fallout. LYNTON HOUSE, 7-12 TAVISTOCK SQUARE, back in vogue for LONDON WC1H 9LT, UNITED KINGDOM Australian corporates. n Kiwibank © BONDNEWS LIMITED 2020. takes a different path as REPRODUCTION OF THE CONTENTS OF THIS asset growth spurs Kangaroo foray. 26 MAGAZINE IN ANY FORM IS PROHIBITED n WITHOUT THE PRIOR CONSENT OF THE Breakthrough for New Zealand FEATURE PUBLISHER. duration as Auckland Council issues Before the deluge 30-year green bond. n New Zealand dollar demand meets In mid-October, the EU embarked World Bank tenor preference. on a funding programme so large that European market participants say it could reshape the European market and have ripple-effect consequences for 22 others. There is no suggestion that the CAB average net distribution COLUMN supply cannot be digested by the euro 3,240 for six-month period The stripes in the graph show the average annual ending 30 September 2020. Changes for market, but other issuers may adjust temperature increase in Germany from 1881 to 2018. the long haul their funding plans around the EU’s jumbo issuance forecast. Sustainable investments help to achieve the UN‘s SDGs. It is time to start asking what impact #showyourstripes @nrwbank massively increased sovereign-sector www.nrwbank.com/greenbond 22.07.20 Kanganews 210x280 Corona Störer.indd 1 08.06.20 14:21 Our mission: providing coronavirus aid to North Rhine-Westphalia Sustainable German Reliable.BANK Guaranteed Committed The stripes in the graph show the average annual temperature increase in Germany from 1881 to 2018. Sustainable investments help to achieve the UN‘s SDGs. #showyourstripes @nrwbank www.nrwbank.com/greenbond 22.07.20 Kanganews 210x280 Corona Störer.indd 1 08.06.20 14:21 Contents A more optimistic tone has emerged in New Zealand’s securitisation market on the back of two primary-market transactions and the emergence of a potential large-scale new issuer. The tone is markedly different from the first half 28 of the year, when market participants did not expect to see deal flow in 2020. 54 FEATURE Reconstructive surgery New Zealand investors face ultra-low rates and a radically reshaped credit- supply picture. As New Zealand struggles in the wake of COVID-19 – despite COPUBLISHED ROUNDTABLE having been, at least for now, effectively GOING WITH THE FLOW able to eliminate the virus locally – the Trading capability, including a willingness to deploy balance sheet to support domestic buy side is considering its new client needs, has long been a major differentiating factor for ANZ’s all- strategy. conquering fixed-income business. A group of the bank’s traders gathered to talk about 2020 at a KangaNews roundtable. 58 NEWS FEATURE Conditions stabilise all-but absent this year. A particularly 46 active September and October for new for New Zealand NEWS FEATURE issuance kept annual volume robust. corporates Responsible lending: as investors flood in unleashing banks, A flurry of corporate deals reopened the leashing nonbanks? 51 New Zealand market with a high level NEWS FEATURE of demand, seemingly undeterred by the The Australian federal government New opportunities outbreak of COVID-19 and associated has proposed changes to responsible- lockdowns. Deal sources say demand lending rules, with the goal of for New Zealand has always been present, especially in encouraging credit supply and thus securitisation the retail space, but it took a while for maximising the economic impact of ultra-low rates. Nonbank lenders are watching developments closely and with some concern that they may further tilt the playing field. 48 NEWS FEATURE 34&40 Australian dollar securitisation issuance EVENT REPORTS bounces back KangaNews DCM Summit webinar series: rates market and economic outlook sessions Australia’s securitisation market has On 22 October, KangaNews hosted the latest in the KangaNews Debt maintained deal volume at a level Capital Markets Summit 2020 webinar series. The session included a in line with outcomes from recent discussion between some of Australia’s leading market participants about years despite massive upheaval to the the new shape of the local high-grade market, exclusive insights from the supply and demand picture in 2020. AOFM and a roundtable for top market economists and strategists. In particular, bank issuers have been borrowers to become willing to test the waters for new issuance. SUBSCRIBE 60 Q+A TODAY MERIDIAN ROLLS OUT ALL-GREEN FINANCING STRATEGY Meridian Energy became the latest New Zealand corporate issuer to certify its debt funding based on environmental criteria, with the 26 August launch of its green-finance programme. All Meridian’s debt instruments are covered by the programme, which means its existing and, potentially, future domestic and USPP issuance is now in green-bond format. The issuer and its programme 68 is a one-stop KangaNews adviser speak to KangaNews. COPUBLISHED ROUNDTABLE information source on Eye of the storm anything relevant to When Australia went into lockdown, Australian and New 62 transport and shipping infrastructure Zealand debt markets NEWS FEATURE saw an unprecedented business shock. – including in- and New Zealand corporates Airport and toll-road passenger numbers outbound issuance. return to green-bond collapsed while even freight flows Each issue provides all dropped as the global economy ground the information market market to a halt. In October, KangaNews and participants need to As well as a clutch of mainstream Westpac Institutional Bank gathered key keep up to date with corporate bond deals, the New Zealand players in the Australian sector to discuss the deals and trends market welcomed the return of corporate business impact, balance-sheet resilience making headlines in the green-bond issuance in September. and the swift rebound of debt capital markets, in-depth issuer Mercury reopened the market with the markets including the domestic option. and investor insights, and first deal in nearly a year, followed in a deal and league tables. matter of weeks by a third green-bond transaction from Argosy Property. KangaNews is published 80 six times a year, with SURVEY regular reports and yearbooks adding to 64 Rocky road ahead the suite of printed COPUBLISHED Q+A The 2020 iteration of the KangaNews- offerings. Subscribers ING HOLDS THE LINE Moody’s Investor’s Service Corporate also have access to email Borrower’s Intentions Survey highlights updates on breaking ON AUSTRALIAN the response of corporate Australia and deals and news from AMBITIONS New Zealand to COVID-19. The results the KangaNewsAlert The events of 2020 could have tested show treasury teams are anticipating service, as well as ING Bank’s commitment to building a rocky path out of the crisis and a priority invitations to its wholesale balance sheet in Australia. heightened domestic focus to their KangaNews events Instead, says Charles Ho, the bank’s funding plans. and full access to the managing director and head of wholesale www.kanganews.com banking, it has used its sectoral expertise website. and strong local retail brand to grow its exposure – and prepare for a further To subscribe or request expansion of debt-market coverage.
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