News
Kāinga Ora – Homes and Communities became the latest Australasian government-sector issuer to take advantage of calmer market conditions with its 20 April pricing of a syndicated tap. The new deal is the issuer’s first syndicated issuance since September last year – a period in which is has also introduced a monthly tender programme.
On 23 April, Asian Infrastructure Investment Bank (AIIB) (AAA/Aaa/AAA) mandated Deutsche Bank, J.P. Morgan, Nomura and Westpac Institutional Bank to arrange a global investor call on 26 April regarding a potential inaugural Australian dollar denominated, Kangaroo, sustainable-development bond.
Bank of Queensland printed a new tier-two deal on 21 April, its first foray into public debt markets since it announced the acquisition of ME Bank. BOQ says the deal was for standard capital-management purposes and that the capital composition of the combined entity is still being worked through, but adds a senior-unsecured market return may not be far off.
IMB Bank (Baa1/BBB+) launched its indicative A$50 million (US$38.5 million) 10-year non-call five-year (10NC5), subordinated, floating-rate note deal on 23 April, with pricing expected intraday. Indicative price guidance is 260 basis points area over three-month bank bills, and the deal is expected to be rated Baa3. ANZ and National Australia Bank are leading.
On 23 April, Resimac launched its nonconforming residential mortgage-backed securities (RMBS) deal, Bastille 2021-1. The transaction is capped at A$1 billion (US$770.8 million) and is expected to price on the day of launch. Commonwealth Bank of Australia and National Australia Bank are co-arrangers for the deal, and are joined by Citi and Macquarie Bank as lead managers.
On 22 April, IMB Bank (Baa1/BBB+) began taking indications of interest for its new A$50 million (US$38.8 million), 10-year non-call five-year (10NC5), subordinated, floating-rate note (FRN) transaction. The deal is being marketed at 260 basis points area over three-month bank bills, according to lead managers ANZ and National Australia Bank.
On 22 April, Columbus Capital launched its nonresident residential mortgage-backed securities (RMBS) deal, Vermilion 2021-1. Total capped volume for the transaction is A$418.85 million (US$324.8 million) and is expected to price on the day after launch. Credit Suisse, Natixis and Standard Chartered are joint arrangers and lead managers.