News
African Development Bank (AfDB) (AAA/Aaa/AAA) added A$150 million (US$157.1 million) to its March 2022 Kangaroo on December 5.
The decision by the Reserve Bank of Australia (RBA) to cut the cash rate by 25 basis points, to 3 per cent, has been greeted with little or no surprise by analysts. Most post-decision commentary homed in on the likelihood – or otherwise – of the latest cut stimulating Australia's non-resources economy, with many analysts saying there is little reason to think the loosening cycle is at or even near its end.
Commonwealth Property Office Fund (CPA) (A-/A3) priced a new A$150 million (US$156.6 million) seven-year and 10-year dual-tranche senior unsecured issue on November 30.
On December 4, Tasmanian Public Finance Corporation (Tascorp) (AA+/Aa1) added A$400 million (US$417.3 million) 5 per cent notes due on September 20 2017.
The new 2017 maturity issue priced on November 30 by Queensland Treasury Corporation (QTC) (AA+/Aa1/AA) had final volume of A$1 billion (US$1.04 billion) but a book four times larger, the issuer tells KangaNews. QTC capped the size of the syndicated issue of the new benchmark line in accordance with its funding need for the first half of its 2012/13 budget year.
Ahead of the December 3 bookbuild of MYOB's subordinated retail bond offer, arranger and lead manager sources say they are confident that the transaction will close a highly-active year in the retail market on a high note. The transaction is for an indicative A$125 million (US$130.3 million) of five-year tenor paper, and is expected to pay a margin of 670-690 basis points over three-month bank bills.
National Wealth Management Holdings (A+), a subsidiary of National Australia Bank, priced a new AUD five-year fixed rate transaction on November 30.
Heavy deal flow continued into the last week in November in the Australian domestic market: no fewer than eight new transactions launched in the week, although pricing information had only been disclosed on six by the close on November 30. The market remained quieter in New Zealand, with just a single retail transaction, from Christchurch International Airport, launching in the week.
Bank of Queensland (BOQ) (BBB+/Baa1/BBB+) priced a new senior unsecured, floating rate note transaction on November 30, in the bank's first public issue of senior-unsecured notes not covered by Commonwealth government guarantee since 2008.
Queensland Treasury Corporation (QTC) (AA+/Aa1/AA) launched a new syndicated bond issue on November 29, announcing plans to price a new September 2017 benchmark the day after launch. The deal is QTC's third bookbuilt launch of 2012, following the pricing of a new 2019 bond in August and a new 2023 a month later.
Australian Capital Territory (ACT) (AAA) has mandated Commonwealth Bank and Westpac Institutional Bank to increase its 4.25 per cent fixed rate notes maturing on May 22 2020.