News
On 8 April, Queensland Treasury Corporation (QTC) (AA+/Aa1/AA) launched a new, six-year, floating-rate note (FRN) deal with indicative price guidance of 8-9 basis points area over three-month bank bills. Pricing is expected on the day of launch, according to lead managers ANZ, National Australia Bank and UBS.
On 8 April, Bendigo and Adelaide Bank (BEN) began taking indications of interest for its residential mortgage-backed securities (RMBS) deal, Torrens Series 2021-1 Trust. The deal has indicative volume of A$500 million (US$380.7 million) and can be upsized to a maximum of A$1 billion. Launch is expected in the week beginning 12 April. National Australia Bank is arranger, and joint lead manager alongside ANZ, Macquarie Bank and Westpac Institutional Bank.
On 7 April, Sintex Consolidated, trading as Loanworks Lending, mandated Westpac Institutional Bank for investor meetings ahead of a potential Australian dollar denominated, prime residential mortgage-backed securities (RMBS) deal, Blackwattle Series RMBS Trust 2021-1.
On 7 April, Pepper Group launched a refinancing of the class AR-u note from its I-Prime 2019-1 residential mortgage-backed securities (RMBS) deal. The transaction is expected to price on the day after launch, according to arranger and lead manager National Australia Bank.
On 7 April, Queensland Treasury Corporation (QTC) (AA+/Aa1/AA) mandated ANZ, National Australia Bank and UBS as lead managers for a potential new Australian dollar denominated, syndicated, five- or six-year, floating-rate note (FRN) transaction.
On 7 April, RWH Finance (A2) announced plans for a consent solicitation process for its A$145 million (US$111.3 million) indexed annuity bonds maturing in June 2033. The issuer is seeking consent for related entity RWH Partnership to enter into a rectification deed with Lendlease for proposed works to replace pipework in the upper floors of the Royal Women’s Hospital.
On 7 April, Dunedin City Treasury (AA by S&P) revealed plans for a potential April 2028, syndicated, wholesale transaction. Westpac Banking Corporation New Zealand Branch is leading.
Defence Bank printed a substantially oversubscribed inaugural residential mortgage-backed securities deal on 31 March after initially planning the deal for the second quarter of 2020. The borrower says the long lead time for the transaction allowed for expanded investor relations in which it explained the unique characteristics of its loan pool to potential investors.
On 6 April, Bendigo and Adelaide Bank (BEN) revealed plans for a potential capital-relief residential mortgage-backed securities (RMBS) deal from its Torrens programme. ANZ, Macquarie Bank, National Australia Bank and Westpac Institutional Bank have been mandated to engage investors.
On 6 April, CHC Finance, the financing entity of Charter Hall Group (Baa1), mandated Commonwealth Bank of Australia, HSBC and RBC Capital Markets for a series of investor calls beginning 7 April regarding a potential 10-year, senior-unsecured, Australian dollar denominated transaction.