News
On 24 February, Commonwealth Bank of Australia (CBA) launched a new, additional tier-one capital transaction, PERLS XIII, seeking A$750 million (US$595.2 million) with the ability to raise more or less. The deal has a call date in October 2026 and mandatory exchange in October 2028. Indicative price guidance is 275-295 basis points over three-month bank bills with the final margin to be determined on 3 March following a bookbuild.
On 24 February, Eclipx Group revealed plans to engage investors in the week beginning 1 March regarding a potential asset-backed securities (ABS) transaction from its FP Turbo programme. ANZ is arranger and lead manager alongside Commonwealth Bank of Australia, National Australia Bank and Westpac Institutional Bank.
Western Australian Treasury Corporation (WATC) (AA+/Aa1) launched a new October 2030, Australian dollar denominated, syndicated, benchmark transaction on 24 February. Indicative price guidance for the deal is 5-8 basis points area over the 10-year futures contract, equivalent to 19-22 basis points area over Australian Commonwealth government bond.
On 24 February, BNP Paribas (A+/Aa3/AA-) launched a new 6.5-year non-call 5.5-year, Australian dollar denominated, senior-nonpreferred, EMTN transaction. Offered in either or both fixed- and floating-rate note formats, indicative price guidance for the forthcoming deal is 100-105 basis points area over swap benchmarks.
Newcastle Permanent Building Society (NPBS) (BBB/A3) revealed plans for a new five-year, Australian dollar denominated, senior-unsecured, floating-rate note, benchmark transaction on 24 February. ANZ, Commonwealth Bank of Australia, National Australia Bank and Westpac Institutional Bank are leading.
On 24 February, Svenska Handelsbanken (AA-/Aa2/AA) launched a new five-year, senior-preferred, Kangaroo, benchmark transaction. Offered in either or both fixed- and floating-rate note formats, indicative price guidance for the deal is 50 basis points area over swap benchmarks.
On 23 February, Sintex Consolidated, trading as Loanworks Lending, mandated Westpac Institutional Bank to engage with asset-backed securities (ABS) investors on 3 and 4 March regarding financial results, general business and funding activity.
On 23 February, BNP Paribas (A+/Aa3/AA-) began taking indications of interest for a 6.5-year non-call 5.5-year, Australian dollar denominated, senior-nonpreferred, EMTN transaction. Offered in either or both fixed- and floating-rate note formats, initial price guidance for the deal is 100-105 basis points area over swap benchmarks.
UBS Australia Branch (A+/Aa3/AA-) launched a new domestic, five-year, senior-unsecured, benchmark transaction, offered in either or both fixed- and floating-rate note formats, on 22 February. The forthcoming deal is being marketed at 55 basis points area over three-month bank bills.
On 22 February, Charter Hall LWR (Baa1) launched an Australian dollar denominated benchmark transaction, offered in either or both seven- and 10-year tenors. Indicative price guidance for the forthcoming deal, which is expected to price on the day of launch, is 120-125 and 140-145 basis points area over semi-quarterly swap. National Australia Bank and Westpac Institutional Bank are leading.