News
On 17 November, Chorus launched a NZ$200 million (US$138.2 million), dual-tranche transaction, with the ability to take oversubscriptions, offered to New Zealand retail and institutional investors across seven- and 10-year maturities. The deal is being marketed at 140-150 and 170-180 basis points area over mid-swap.
Queensland Treasury Corporation (QTC) tells KangaNews a disrupted market earlier in the year delayed its return to the green-bond market. Its latest transaction was greeted with a significant oversubscription and greater participation from offshore.
On 16 November, NBN Co (A1/AA), the Australian government-owned broadband infrastructure provider, mandated ANZ, Commonwealth Bank of Australia, National Australia Bank and Westpac Institutional Bank to arrange a series of investor calls beginning 18 November regarding a potential 5-10 year, Australian dollar denominated, benchmark transaction.
National Australia Bank (NAB) returned to the Australian dollar market on 10 November, printing a new tier-two transaction in the week after the release of its annual results. The issuer says it remains open to longer duration in Australian dollar tier-two format despite selecting 10-year non-call five (10NC5) tenor this time.
On 16 November, AGI Finance, a financing entity within Australian Gas Infrastructure Group (AGIG), launched an Australian dollar denominated, senior-secured, benchmark transaction, offered in both five-year floating-rate and eight-year fixed-rate tranches. Indicative price guidance for the deal is 115 and 135 basis points area over swap benchmarks.
On 16 November, Northern Territory Treasury Corporation (NTTC) (Aa3) launched a syndicated tap of its April 2033 benchmark bond via UBS as lead manager. The increase is expected to be A$100-150 million (US$72.8-109.1 million) and is being marketed at 87 basis points over EFP, equivalent to 73.7 basis points area over Australian Commonwealth government bond. Pricing is expected on the day of launch.
On 16 November, Australian Office of Financial Management (AOFM) (AAA/Aaa/AAA) launched a syndicated tap, of up to A$6 billion (US$4.4 billion), of its May 2041 line. Indicative price guidance for the forthcoming deal, which is expected to price on the day after launch, is 75.5-78.5 basis points area over 10-year futures contract. National Australia Bank, TD Securities, UBS and Westpac Institutional Bank are leading.
On 16 November, National Australia Bank (NAB) (AA-/Aa3/AA-) launched an indicative A$750 million (US$545.7 million), perpetual non-call seven-year, additional tier-one (AT1) capital deal, NAB Capital Notes 5. The offer is being marketed with a margin of 350-370 basis points over three-month bank bills. The final margin is expected to be announced on 23 November following a bookbuild.
Australian issuer activity sprung into action in the second week of November with two banks printing tier-two transactions, a green bond and A$2.2 billion (US$1.6 billion) of Kangaroo supranational issuance. Meanwhile, the Reserve Bank of New Zealand outlined the features of its funding for lending programme.