News
On 12 April, Victoria Power Networks (VPN) (A- by S&P) mandated Commonwealth Bank of Australia, National Australia Bank and Westpac Institutional Bank to arrange a series of investor calls beginning 13 April regarding a potential domestic transaction, offered in either or both five- and seven-year tenors and in either or both fixed- and floating-rate note formats.
Rabobank Australia Branch (A+/Aa3/A+) began taking indications of interest for a new three-year, Australian dollar denominated, senior-unsecured, benchmark transaction on 12 April. Initial price guidance for the deal is 40 basis points area over three-month bank bills. ANZ, Commonwealth Bank of Australia, UBS and Westpac Institutional Bank are leading.
BPCE (A+/A1/A+) mandated National Australia Bank, Natixis, Nomura and TD Securities for a new multi-tranche, Australian dollar denominated, Reg S transaction on 12 April. Pricing is expected on 13 April.
On 12 April, the Australian Office of Financial Management (AOFM) (AAA/Aaa/AAA) launched its new, benchmark, November 2032 Treasury bond transaction. The forthcoming deal has indicative price guidance of 10.5-13.5 basis points over EFP. Pricing is expected on the day after launch. Commonwealth Bank of Australia, Deutsche Bank, UBS and Westpac Institutional Bank are joint lead managers.
On 12 April, Credit Union Australia (CUA) (BBB/Baa1) began taking indications of interest for a potential new five-year, Australian dollar denominated, senior-unsecured, floating-rate note (FRN) transaction. The deal is being marketed at 68 basis points area over three-month bank bills, according to lead managers ANZ and National Australia Bank.
On 12 April, Bendigo and Adelaide Bank (BEN) launched its residential mortgage-backed securities (RMBS) deal, Torrens Series 2021-1 Trust. The deal has indicative volume of A$500 million (US$381.1 million) and can be upsized to a maximum of A$1 billion. Pricing is expected on 15 April. National Australia Bank is arranger, and joint lead manager alongside ANZ, Macquarie Bank and Westpac Institutional Bank.
The truncated week after Easter was highlighted in the Australian debt market by Queensland Treasury Corporation's A$2 billion (US$1.5 billion) six-year floating-rate note deal. The Australian Office of Financial Management also revealed plans for a November 2032 Treasury bond syndication.
On 9 April, Australian Office of Financial Management (AOFM) revealed plans to establish a new Treasury bond line maturing in November 2032 by syndication in the week beginning 12 April. Commonwealth Bank of Australia, Deutsche Bank, UBS and Westpac Institutional Bank have been appointed joint lead managers.
On 9 April, Dunedin City Treasury (AA by S&P) launched its April 2028 domestic deal for up to NZ$110 million (US$77.6 million). The forthcoming transaction has indicative price guidance of 50 basis points area over mid swap, with the margin and interest rate expected to be set on the day of launch. Westpac Banking Corporation New Zealand Branch is leading.
Late in the day on 8 April, Brighten Home Loans began taking indications of interest for its residential mortgage-backed securities (RMBS) deal, Solaris 2021-1. The transaction is backed by prime Australian resident and nonresident loans, and is expected to launch as early as the week beginning 12 April with indicative volume of A$261.78 million (US$200.3 million). The deal has potential to upsize. Credit Suisse, Natixis and Standard Chartered are joint lead managers.