News
On 4 December, Resimac revealed plans for a residential mortgage-backed securities deal, Resimac Premier Series 2020-3, consisting of Yen and Australian dollar denominated tranches. The transaction is expected to launch and price later in the day. National Australia Bank, SMBC Nikko and Standard Chartered are leading.
On 4 December, Pepper Group began taking indications of interest for its auto and equipment asset-backed securities (ABS) deal, Pepper Sparkz 3. Capped volume for the transaction is A$615.9 million (US$458.1 million) and is expected to launch in the week beginning 7 December. Westpac Institutional Bank is arranger and joint lead manager alongside BofA Securities, MUFG Securities, National Australia Bank, RBC Capital Markets and Societe Generale.
On 4 December, University of Wollongong (UOW) (AA by S&P) revealed it is considering eight-year tenor in addition to a 20-year tranche for a potential Australian dollar denominated deal initially announced on 24 November. National Australia Bank is leading.
On 3 December, ME Bank began taking indications of interest for its capital-relief residential mortgage-backed securities (RMBS) deal, SMHL Securitisation Trust 2020-1. Total indicative volume for the deal is A$500 million (US$370.6 million) and is expected to launch in the week beginning 7 December. ANZ is arranger and joint lead manager alongside Commonwealth Bank of Australia, MUFG Securities and National Australia Bank.
On 3 December, International Finance Corporation (IFC) (AAA/Aaa) launched a A$25 million (US$18.5 million) increase to its February 2031 Kangaroo line. The forthcoming deal is being marketed at 30 basis points area over semi-quarterly swap, equivalent to 26.1 basis points area over Australia Commonwealth government bond. Nomura is leading.
On 3 December, Avanti Finance (BB by S&P) launched a new A$25 million (US$18.5 million), four-year, Kangaroo transaction. The deal is being marketed with an indicative coupon of 5.75 per cent and is expected to price on the day of launch. National Australia Bank is leading.
Ampol became the latest Australian borrower to tap the hybrid debt market, on 30 November. The issuer says the transaction had been on the cards since late 2019 and that it drew strong support from an investor base that was largely familiar with issuance under its previous guise of Caltex Australia.
