News
On 26 November, Precinct Properties revealed it has established a sustainable debt framework which will allow it to issue green bonds and loans to fund low-carbon buildings within its property portfolio. Precinct’s existing retail bonds will be covered under the framework. ANZ acted as green-bond coordinator for the programme and independent assurance has been provided by EY.
On 26 November, NBN Co (A1/AA) launched an Australian dollar denominated, five-year, senior-unsecured transaction. Indicative price guidance for the forthcoming deal is 80-85 basis points area over semi-quarterly swap. Pricing is expected on the day of launch, according to lead managers ANZ, Commonwealth Bank of Australia, National Australia Bank and Westpac Institutional Bank.
On 26 November, Ryman Healthcare revealed details for a forthcoming NZ$100-150 million (US$70-105.1 million) six-year deal for New Zealand institutional and retail investors. Indicative margin for the deal is expected to be revealed when the offer opens on 7 December. The interest rate is expected to be set on 10 December following a bookbuild.
The Australian Sustainable Finance Initiative roadmap, published on 24 November, puts forward a plan to align the Australian economy and financial system with outcomes that encourage sustainability, resilience and future prosperity. It sets ambitious targets, including some that stretch beyond federal government goals, and lays out a timeline for achieving them.
On 25 November, World Bank (AAA/Aaa) launched a dual-tranche Kauri transaction, offered in 5.5- and 10-year tenors. Minimum volume for the tranches are NZ$200 million (US$139.5 million) and NZ$100 million, with price guidance at 23 and 39 basis points area over mid-swap. ANZ, BNZ and Commonwealth Bank are leading. Pricing is expected on the day after launch.
On 25 November, NBN Co (A1/AA) began taking indications of interest for an Australian dollar denominated, senior-unsecured transaction, offered in both five- and 7.5-year tranches. The deal is being marketed at 80-85 and 105-110 basis points area over semi-quarterly swap.
On 25 November, Bendigo and Adelaide Bank (BEN) (BBB+/A3/A-) launched a new Australian dollar denominated, five-year, senior-unsecured, benchmark transaction, offered in either or both fixed- and floating-rate note formats. Indicative price guidance for the deal is 60 basis points area over swap benchmarks.
On 24 November, following the release of Victoria’s state budget, Treasury Corporation of Victoria (TCV) (AAA/Aaa) revealed a total funding requirement for 2020/21 of A$45.8 billion (US$33.5 billion). TCV has already raised A$26.3 billion of the total and expects its requirement to fall to A$26.7 billion in 2021/22.