News
On 16 February, Westpac New Zealand (Westpac NZ) (AA-/A1/A+) launched an indicative NZ$100 million (US$72.4 million), senior-unsecured, five-year, self-led, fixed-rate transaction. Indicative price guidance for the forthcoming deal, which is expected to price on 18 February, is 50-55 basis points area over mid-swap.
On 16 February, Suncorp-Metway (A+/A1/A+) launched a new, benchmark, five-year, senior-unsecured domestic deal. The forthcoming transaction will come in either or both fixed- and floating-rate formats and is being marketed at 50 basis points area over swap benchmarks. Pricing is expected on the day of launch. ANZ, Commonwealth Bank of Australia, National Australia Bank, UBS and Westpac Institutional Bank are leading.
On 15 February, Suncorp-Metway (A+/A1/A+) revealed plans for a new five-year, Australian dollar denominated, senior-unsecured transaction, offered in either or both fixed- and floating-rate note formats. ANZ, Commonwealth Bank of Australia, National Australia Bank, UBS and Westpac Institutional Bank have been mandated to arrange a group investor call on the same day.
On 15 February, Macquarie Group launched an indicative A$500 million (US$389.2 million), 9.5-year non-call 6.5-year, additional tier-one capital transaction, Macquarie Group Capital Notes 5 (MCN5). The offer is being marketed with a margin of 300-320 basis points area over three-month bank bills. The final margin is expected to be announced on 19 February.
Australian deal activity in the second week of February was highlighted by a blockbuster securitisation from Columbus Capital, and a flurry of high-grade issuance with 10-15 year tenor. In New Zealand, the first corporate deal of 2021 was printed.
Columbus Capital reopened Australia’s public securitisation market for 2021 with a residential mortgage-backed securities (RMBS) deal that achieved record volume and pricing for the issuer. Deal sources say the transaction attracted vast interest in a credit market that has been starved of new supply.
