Briefs: Fintechs feeling the pinch; Asian banks tap AUD debt market

Over the first three quarters of 2020, fintechs based in the Asia-Pacific region raised a combined US$3.9 billion from 318 deals. This was a drop of 46 per cent in funding value and down 20 per cent on the number of deals over the same period in 2019, according to a research report from S&P Global Market Intelligence. After a flurry of activity in Australia during Q2, Australia's investors pulled back: "Australian fintechs drew in a combined US$59 million in the third quarter, down from $371 million raised in the previous quarter," the report stated. Payment unicorn Airwallex Pty Ltd topped the list in Q2 with a $160 million series D round in April attracting new investors, including ANZi Ventures (the corporate venture capital arm of ANZ Bank) and Salesforce Ventures.

Bank of China (Australia) Ltd has priced a three-year A$200 million floating rate senior unsecured TCD with a coupon of 83 basis points over three-month BBSW. The transaction is expected to be rated A1 (Moody’s) and to be RBA repo-eligible. ANZ, Bank of China, CBA and Westpac are joint bookrunners. Also, Moody's Investors Service has assigned a domestic currency (P)A1 long-term rating and a (P)P-1 short-term rating to the Woori Bank, Sydney Branch's proposed certificates of deposit programme, which will be issued under the A$3 billion Australian domestic debt issuance programme established by Woori Bank. The CDs issued under the programme will be direct, unconditional, unsubordinated and unsecured obligations of Woori Bank.