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2021Febmarrs NEW ZEALAND: USPP: LONG-TERM VIEW DEBT STRATEGISTS: RBA MARKET COMES BACK AND SUSTAINABILITY ON GRAVITATIONAL PULL TOGETHER IN PERSON MARKET AGENDA DEFINES MARKET ORBIT VOLUME 16 ISSUE 123 _ FEB/MAR 2021 www.kanganews.com AUSTRALIAN CREDIT CHANGES SHAPE A RAFT OF FACTORS HAVE ALTERED THE AUSTRALIAN CREDIT-ISSUANCE LANDSCAPE FOR THE MEDIUM TERM AT LEAST. LOCAL ASSET MANAGERS SAY THEIR MARKET REMAINS FUNCTIONAL AND INVESTABLE, THOUGH. Australian Securitisation Deal of the Year The $12bn AUM La Trobe Financial group is honoured to be recognised by peers and the Australia debt capital markets community for our $1.25 billion RMBS transaction in May 2020. Widely hailed as effectively re-opening Australian securitisation markets, the transaction saw support from global investment houses in Asia, the US and Europe and from Australian institutional investors. We thank KangaNews for this award, as well as our local and global investment partners and clients for their continued trust and support over the past seven decades. We also thank the team at the Australian Office of Financial Management for their invaluable support for the industry as a whole at a time of unprecedented market volatility. Australian Securitisation Deal of the Year 13 80 10 | latrobefinancial.com La Trobe Financial Custody & Securitisation Services Pty Limited ACN 141 583 191 Australian Financial Services License 379454 La Trobe Financial Services Pty Ltd ACN 006 479 527 Australian Credit Licence 392385 KangaNews FEB/MAR 2021 EDITION VOLUME 16 ISSUE 123 www.kanganews.com Contents COVER STORY Head of content and editor Australian credit LAURENCE DAVISON [email protected] changes shape Deputy editor 29 MATT ZAUNMAYR The Australian dollar credit market has been reshaped in the [email protected] wake of COVID-19, largely as a consequence of RBA market Staff writer CHRIS RICH intervention. A supply-demand imbalance is evident but fund [email protected] managers say their approach has not changed. Head of commercial Jeremy Masters [email protected] 4 20 MARKET NEWS COLUMN n QTC TCV Head of operations and exploit early-year Red flags HELEN CRAIG funding window. Australia and New Zealand are not [email protected] n Tier-2 remains only source of yet out of the pandemic woods, but Chief executive Australian major-bank supply. the health and economic situation SAMANTHA SWISS n Long dates and GSS format are early- [email protected] is looking good on a relative and, year SSA Kangaroo bright spots. increasingly, an outright basis. We n Suncorp print hints at better times Design consultant would do well to avoid too much back ahead for bank senior issuance. HOBRA (www.hobradesign.com) slapping, though – and not just as an n Columbus and Resimac go big for Photography ongoing social-distancing precaution. DAVID SMYTH PHOTOGRAPHY (SYDNEY), Australia’s first RMBS deals of 2021. BEDFORD PHOTOGRAPHY (SYDNEY), n Consistent demand for Charter Hall TIM TURNER (MELBOURNE), THE PHOTO LWR and Aurizon. (WELLINGTON), GALEXIA STUDIOS (MIAMI), ROUNDTABLE GEORGE ARCHER (LONDON), TIGER TIGER n AusNet hybrid kicks off international (AUCKLAND), IRWIN WONG PHOTOGRAPHY AUSTRALIAN MARKET (TOKYO) Australian corporate issuance for 2021. n Buy now, upside later for Afterpay’s CONTINUES TO ORBIT convertible bond. KangaNews, ISSN 1751-5548 (PRINT); THE RBA’S SUN ISSN 2207-9165 (ONLINE), IS PUBLISHED SIX n New Zealand Sovereign upgrade puts KangaNews hosted its annual TIMES A YEAR BY BONDNEWS LIMITED AND in rare air. DISTRIBUTED FROM SYDNEY, AUSTRALIA. roundtable discussion for Australia’s PRINTED IN AUSTRALIA BY SPOTPRESS, FOR, n NZDM Demand remains in place for leading bank fixed-income AND PUBLISHED BY, BONDNEWS LIMITED, despite good-news headwinds. LYNTON HOUSE, 7-12 TAVISTOCK SQUARE, strategists just as a new round of n Kauri LONDON WC1H 9LT, UNITED KINGDOM market open and demand market speculation on the path of building. © BONDNEWS LIMITED 2021. RBA stimulus was kicking off. The REPRODUCTION OF THE CONTENTS OF THIS n Arvida relaunches New Zealand strategists remain convinced that MAGAZINE IN ANY FORM IS PROHIBITED corporate issuance. WITHOUT THE PRIOR CONSENT OF THE the Australian market will continue PUBLISHER. to revolve around the gravitational 18 pull of the central bank. NEWS FEATURE Pre-emptive rates sell off may be a phantom CAB average net distribution 3,240 for six-month period tantrum ending 30 September 2020. Market participants say a bond sell-off that began in late February appears to reflect expectations of higher inflation and an interest-rate hike before the RBA’s forecast of 2024. But there is evidence that this is not being backed by substantial repositioning activity. 47 Contents 44 Q+A SUBSCRIBE ESG TAKES AN EQUAL 34COPUBLISHED ROLE AT NIKKO ROUNDTABLE Nikko Asset Management has TODAY USPP support stands revamped its environmental, social and up despite quieter governance process by splitting it out Australasian year of the credit function. Each corporate The annual USPP roundtable and bank issuer the investor looks at must now satisfy separately assessed hosted by KangaNews and MUFG found that lower issuance in 2020 ESG and credit criteria rather than had nothing to do with lack of having the decision tied up in a central support from the investor base area. and hopes remain high for future primary supply. Investors also say ESG will play a greater role in 58 future. EVENT REPORT New Zealand debt KangaNews is a one-stop market gets back information source on 22 on track anything relevant to FEATURE Australian and New In December 2020, the KangaNews Zealand debt markets Activity review: a year New Zealand Debt Capital Market – including in- and for the record books Summit took place as an in-person outbound issuance. event in Auckland, bringing the local Transaction data from the KangaNews industry together for the first time Each issue provides all deal database highlight a year of many since the COVID-19 crisis. There the information market firsts in the Australasian debt market. was no shortage of talking points at participants need to From skyrocketing sovereign and semi- the event, which for the first time keep up to date with government issuance to major banks’ added international perspectives via the deals and trends absence from the senior-unsecured videoconference to the traditionally making headlines in the space and a strong rebound for strong domestic agenda. markets, in-depth issuer corporate issuance – 2020 was a year and investor insights, and like no other. deal and league tables. 70 KangaNews is published KANGANEWS AWARDS six times a year, with 26 regular reports and Q+A 2020 winners KangaNews Awards 2020 yearbooks adding to AUSTRALIAN UNITY The reflect the suite of printed DEBUTS MCI FORMAT the reality of an unprecedented year, offerings. Subscribers recognising the houses, transactions also have access to email Australian Unity issued Australia’s and individuals that best coped with updates on breaking first-ever mutual capital instrument in the devastating impact of COVID-19. deals and news from December 2020, marking a new phase At the same time, many houses that the have established longstanding records KangaNewsAlert in funding and capital-management service, as well as for issuers in the mutual sector. of success maintained their positions priority invitations to even in this most challenging year. Adam Vise, Australian Unity’s group KangaNews events treasurer, discusses the impetus for and and full access to the mechanics of a transaction that could www.kanganews.com be a game-changer for mutual entities. website. To subscribe or request a free trial please contact Jeremy Masters [email protected] +61 2 8256 5577 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 MARKET NEWS TRANSACTION ANALYSIS TCV and QTC exploit early-year funding window Treasury Corporation of Victoria (TCV) and Queensland Treasury Corporation (QTC) printed new benchmark deals in late January, for aggregate volume of A$5.5 billion (US$4.3 billion). At the time of pricing the issuers reported robust demand and positive pricing outcomes. Issuer: Treasury Corporation of Victoria CHART 1. TCV AND QTC DEALS GEOGRAPHIC DISTRIBUTION Issuer rating*: AA/Aaa Australia EMEA Asia North America Pricing date: 20 January 2021 100 4 10 Maturity date: 20 November 2025 8 80 18 Volume: A$2.5 billion 32 Book volume at pricing: >A$6.5 billion 60 Margin: 32bp/EFP 40 (PER CENT) 70 Indicative margin: 31-34bp/EFP 58 20 Geographic distribution: see chart 1 PROPORTION OF BOOK Distribution by investor type: see chart 2 0 TCV QTC Lead managers: Citi, SOURCE: COMMONWEALTH BANK OF AUSTRALIA, QUEENSLAND TREASURY CORPORATION Commonwealth Bank of Australia (CBA), JANUARY 2021 Westpac Institutional Bank « CHART 2. TCV AND QTC DEALS DISTRIBUTION BY INVESTOR TYPE Issuer: Queensland Treasury Corporation Bank treasury Asset manager Official institution Trading Hedge fund Middle market Issuer rating: AA+/Aa1/AA 1 100 4 Pricing date: 29 January 2021 6 12 80 13 10 Maturity date: 20 August 2032 9 23 Volume: A$3 billion 60 Book volume at pricing: A$5.8 billion 38 40 Margin: 41bp/EFP (PER CENT) 54 20 Indicative margin: 40-43bp/EFP PROPORTION OF BOOK 31 Geographic distribution: see chart 1 0 Distribution by investor type: see chart 2 TCV QTC SOURCE: COMMONWEALTH BANK OF AUSTRALIA, QUEENSLAND TREASURY CORPORATION Lead managers: ANZ, Citi, CBA JANUARY 2021 * Rating at issue. ISSUER INSIGHTS PAUL KELLY JOSE FAJARDO HEAD OF MARKETS EXECUTIVE DIRECTOR, TREASURY CORPORATION OF VICTORIA FUNDING AND LIQUIDITY QUEENSLAND TREASURY “The market was running CORPORATION very tight into Christmas and “We heard of some selling there were some indications of mid-curve semi- of fatigue so it was not government paper early in surprising to see a quieter the year.
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