News
On 19 November, Western Sydney University (WSU) (Aa2) mandated Commonwealth Bank of Australia and National Australia Bank to arrange a series of investor calls beginning 24 November regarding a potential seven-year domestic transaction.
On 19 November, AMP Life (A-/A3), part of Resolution Life Group, appointed Citi, Deutsche Bank, Mizuho Securities and National Australia Bank as joint lead managers for a potential 15-year non-call five-year, Australian dollar tier-two transaction. Fixed-income investor calls will begin on 23 November. The deal is expected to be rated Baa2.
On 19 November, Infratil launched a NZ$50 million (US$34.6 million) increase to its existing March 2026 line, with the ability to take another NZ$50 million, to New Zealand retail and institutional investors. The coupon for the offer is 3.35 per cent, with a yield of 3 per cent.
Australian Gas Infrastructure Group (AGIG)’s recent domestic deal was the first under its new financing entity which incorporates assets well-known to the Australian market under one programme. It follows a consent-solicitation process and debt consolidation that have garnered significant efficiencies for the issuer.
On 19 November, Metropolitan Life Global Funding (MetLife) launched a funding agreement (FA)-backed notes, five-year, Kangaroo, benchmark transaction, offered in either or both fixed- and floating-rate formats. Metropolitan Life Insurance Company is the funding agreement provider.
On 18 November, South Australian Government Financing Authority (SAFA) (AA+/Aa1) cancelled tomorrow’s planned tender of up to A$500 million of its August 2024 line, in light of the South Australian government’s recently announced six-day lockdown, to avoid issuing during a period of uncertainty.
On 18 November, Metro Finance mandated Deutsche Bank and National Australia Bank to engage investors regarding a potential auto and equipment asset-backed securities (ABS) transaction.
On 17 November, New South Wales Treasury Corporation (TCorp) revealed a total funding task for financial year 2020/21 of A$35.8 billion (US$26.2 billion), including A$32 billion of new client loans, following the release of the New South Wales state government budget earlier the same day (see table). TCorp expects its total borrowing requirement for 2021/22 to fall to A$28.2 billion.