News
On 10 November, Incitec Pivot and its subsidiary, Dyno Nobel, announced a tender offer to buy back A$200 million (US$145.6 million) in aggregate of the former’s A$450 million outstanding March 2026 maturity and the latter’s US$400 million outstanding August 2027 line.
On 10 November, National Australia Bank (NAB) (AA-/Aa3/A+) launched its new self-led, Australian dollar denominated, 10-year non-call five-year (10NC5), tier-two, benchmark transaction, offered in either or both fixed- and floating-rate note formats.
On 9 November, BC Securities launched its indicative A$416 million (US$282.5 million) residential mortgage-backed securities (RMBS) deal, Ruby 2020-1, which includes loans to nonresident and resident Australian borrowers. The transaction is expected to price in the middle of the week of launch. Credit Suisse, Deutsche Bank and Natixis are joint lead managers.
Following an investor call earlier in the day on 9 November, National Australia Bank (NAB) (AA-/Aa3/A+) began taking indications of interest for a new self-led, Australian dollar denominated, 10-year non-call five-year (10NC5), tier-two, benchmark transaction, offered in either or both fixed and floating-rate note formats.
On 9 November, World Bank (AAA/Aaa) launched a new dual-tranche, Kangaroo transaction, comprising a A$500 million (US$364.2 million) minimum 5.5-year tranche and a A$200 million minimum 10-year tranche. Indicative price guidance for the forthcoming deal is 20 and 34 basis points area over semi-quarterly swap, equivalent to 19.65 and 31.25 basis points area over Australian Commonwealth government bond.
On 9 November, Pepper Group launched its residential mortgage-backed securities (RMBS) deal, PRS 28. Total capped volume for the transaction is A$750 million (US$545.9 million) and is expected to price by 11 November. National Australia Bank is arranger and joint lead manager alongside Commonwealth Bank of Australia, Macquarie Bank and Westpac Institutional Bank.
On 9 November, Queensland Treasury Corporation (QTC) (AA+/Aa1/AA) launched a new Australian dollar denominated, March 2031, syndicated, green-bond transaction. Indicative price guidance for the deal is 21-24 basis points area over 10-year futures contract, equivalent to 21.3-24.3 basis points area over Australian Commonwealth government bond.
On 9 November, National Australia Bank (NAB) (AA-/Aa3/A+) revealed plans for a potential self-led Australian dollar denominated, 10-year non-call five-year (10NC5), tier-two, benchmark transaction, with an investor call scheduled on the same day. The deal is expected to be rated BBB+/Baa1/A-.
On 9 November, Chorus revealed plans for a New Zealand dollar retail-bond deal for up to NZ$200 million (US$135.8 million) with the ability to take oversubscriptions. The deal will come in either or both seven- and 10-year tranches and is expected to launch in the week beginning 16 November. ANZ is arranger and lead manager alongside Craigs Investment Partners, Forsyth Barr and Westpac Banking Corporation New Zealand Branch.
The first week of November saw the Reserve Bank of Australia cut the interest rate and expand its bond-purchase programme. Meanwhile, Australian and New Zealand public markets were muted with one transaction coming from each.