Latest news
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Market anticipates another record year for new issuance, even as equity returns remain weak
Rating upgrades to CLO tranches by Moody's and Fitch could let managers increase leverage in deals
Manager takes advantage of tight spreads available for refinancings to cut triple-A pricing by 14bp
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PUMA MANAGEMENT Ltd returned to the Euromarkets this week with a blow-out $900m securitisation of Australian mortgages. Lead manager JP Morgan increased the deal from $700m and still had spare orders. Kieran Brush, Puma's treasurer, said: "The bond was a resounding success by any standards, but in the adverse market we have now it is a triumph. We wanted a well priced, large issue and that is what JP Morgan delivered."
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NATIONSBANK has set up a fully supported US asset backed CP conduit called Coral Sea Funding Corp to securitise Australian assets. The programme debuted last week, selling CP worth between $100m and $200m. The proceeds from CP are lent to the conduit's parent, Coral Sea Pty, registered in Australia. It will extend secured loans to Australian corporations and buy trade receivables, bringing the benefits of cheap USCP funding to Australian businesses.