News
Tasmanian Public Finance Corporation (Tascorp) (AA+/Aa2) revealed plans on 22 March for a syndicated transaction of a new benchmark bond maturing in January 2032. Commonwealth Bank of Australia, National Australia Bank and UBS are joint lead managers for the deal, which is expected to launch in the near future.
On 22 March, WestConnex Finance began taking indications of interest for a new 10-year, Australian dollar denominated, senior-secured, benchmark transaction. Initial price guidance for the deal is 155 basis points area over semi-quarterly swap. ANZ, Commonwealth Bank of Australia and Mizuho Securities are leading. The notes are expected to be rated BBB+ by S&P Global Ratings.
On 22 March, Defence Bank began taking indications of interest for its residential mortgage-backed securities (RMBS) deal, Salute Series 2021-1. Indicative total volume for the transaction is A$300 million (US$231.7 million) and is expected to launch in the week beginning 29 March. ANZ is arranger and lead manager.
In December 2020, the KangaNews New Zealand Debt Capital Market Summit took place as an in-person event in Auckland, bringing the local industry together for the first time since the COVID-19 crisis. There was no shortage of talking points at the event, which for the first time added international perspectives via videoconference to the traditionally strong domestic agenda.
Australasian deal flow surged in the third week of March with transactions from Verizon Communications, a handful of REITs, various green and social bonds in Australia and New Zealand and two securitisation prints.
On 19 March, Zip Co revealed plans for a new asset-backed securities (ABS) transaction under its Zip Master Trust programme. National Australia Bank will engage investors. On the same day, Moody’s Investors Service assigned provisional ratings to the deal.
On 19 March, RedZed began taking indications of interest for its residential mortgage-backed securities (RMBS) deal, RedZed Trust Series 2021-1. Total capped volume for the transaction is A$550 million (US$425.8 million) and is expected to launch in the week beginning 22 March. National Australia Bank is arranger and joint lead manager alongside Commonwealth Bank of Australia.
Inter-American Development Bank (IADB) (AAA/Aaa) launched a A$100 million (US$77.6 million) minimum increase of its April 2024, Kangaroo, education, youth and employment (EYE) bond on 19 March. Indicative price guidance for the deal is 11 basis points area over semi-quarterly swap, equivalent to 37.1 basis points area over Australian Commonwealth government bond.
On 19 March, MUFG Bank Sydney Branch (MUFG Sydney) (A/A1) launched a new 3.5-year, Australian dollar denominated, senior-unsecured, floating-rate note (FRN), benchmark transaction. Indicative price guidance for the forthcoming deal, which is expected to price on the day of launch, is 55 basis points area over three-month bank bills. ANZ, Commonwealth Bank of Australia, MUFG Securities, Morgan Stanley and National Australia Bank are leading.