News
International Finance Corporation (IFC)’s recent foray into the Kangaroo market was the issuer's first in any currency that it has swapped to US dollar secured overnight financing rate (SOFR) instead of LIBOR. Swap participants on the deal say it is a landmark transaction in the process of alternate reference rate (ARR) transition.
Contact Energy says its second sustainability-linked loan (SLL) – a four-year, NZ$75 million (US$54.2 million) bilateral facility provided by MUFG Bank – reinforces the borrower’s commitment to sustainable debt financing. MUFG, meanwhile, suggests its first SLL in New Zealand also illustrates a growing opportunity in the electricity sector as a whole.
On 10 February, Charter Hall LWR (Baa1) mandated National Australia Bank and Westpac Institutional Bank to arrange a series of investor calls beginning 16 February regarding a potential Australian dollar denominated benchmark transaction, offered in either or both seven- and 10-year tenors.
On 10 February, Westpac New Zealand (Westpac NZ) (AA-/A1/A+) revealed plans for a self-led, five-year, domestic fixed-rate deal. The issuer will hold a conference call with investors on 12 February.
BNG Bank (AAA/Aaa/AAA) launched a A$20 million (US$15.5 million) minimum increase to its November 2030 Kangaroo line late in the day on 9 February. The forthcoming deal is being marketed at 32 basis points area over semi-quarterly swap, equivalent to 40.9 basis points area over Australian Commonwealth government bond. Pricing is expected on the day of launch, according to lead manager RBC Capital Markets.
