News
On 11 May, Barclays revealed plans for a potential new Australian dollar denominated, multi-tranche transaction. The offer includes any or all of six-year non-call five-year tenor, in fixed-to-floating rate and floating-rate note formats, and an 11-year non-call 10-year, fixed-to-floating rate, senior-callable tranche. Initial price guidance is 125 and 170 basis points area over swap benchmarks.
On 11 May, New Zealand Local Government Funding Agency (LGFA) (AAA/AA+) launched an indicative NZ$300 million (US$217.9 million) syndicated 10-year bond transaction. The forthcoming deal is being marketed at 35-38 basis points over mid swap, with pricing expected on the day after launch. BNZ is arranger for the deal and joint lead manager alongside ANZ, Commonwealth Bank and Westpac Banking Corporation New Zealand Branch.
Athena and Bluestone Mortgages say their whole-loan funding arrangement presents opportunities for both to grow sustainably and to leverage each other’s knowledge set. The strategic partnership will provide up to A$2 billion (US$1.6 billion) of whole-loan funding to Athena Home Loans over the next three years.
The emergence of the sustainability-linked loan format presented ISPT with the opportunity it had been seeking to align treasury strategy with the company’s wider environmental, social and governance goals. Having applied a sustainability framework to all the ISPT Core Fund’s debt and included the flexibility to use multiple instrument types, ISPT hopes to use the framework for future issuance.
On 10 May, PACCAR Financial (A+ by S&P) announced plans for a three-year, senior-unsecured, Australian dollar denominated benchmark deal. ANZ, TD Securities and Westpac Institutional Bank have been mandated to arrange a fixed-income investor update call regarding the potential transaction on 11 May.
Precinct Properties New Zealand revealed plans on 10 May for a six-year, senior-secured, domestic green-bond deal for institutional and New Zealand retail investors. Details of the transaction are expected to be released in the week beginning 17 May. ANZ is arranger and green-bond coordinator, as well as lead manager with BNZ, Forsyth Barr and Jarden Securities.
On 10 May, Australian Capital Territory (ACT) (AAA by S&P) launched a new nine-year, domestic, syndicated, benchmark transaction. Indicative price guidance for the deal is 11-15 basis points area over EFP, equivalent to 27.5-31.5 basis points area over Australian Commonwealth government bond.
On 10 May, SkyCity Entertainment Group (BBB- by S&P) launched its NZ$125-175 million (US$91.1-127.6 million), six-year, senior-unsecured transaction. The forthcoming deal has indicative margin of 170-190 basis points over mid swap. The rate set date is scheduled for 14 May following a bookbuild.
The surge in Australian securitisation continued in the first week of May, with three transactions in what was an otherwise quiet domestic primary debt capital market. In New Zealand, two Kauri transactions were executed, including another outing for Asian Development Bank's gender-bond programme.
On 7 May, China Everbright Bank Sydney Branch (China Everbright Sydney) (BBB+/Baa2/BBB) mandated ANZ, Bank of China, Commonwealth Bank of Australia, Industrial and Commercial Bank of China and National Australia Bank to arrange an investor call on 11 May regarding a potential debut, three-year, Australian dollar denominated, floating-rate note transaction.