News
On 22 October, Bank of China Australia (BOC Australia) (A3/A-) mandated ANZ, BOC, Commonwealth Bank of Australia and Westpac Institutional Bank for its inaugural Australian dollar denominated, three-year, floating-rate note (FRN) transaction. The deal is expected to launch in the week beginning 26 October.
United Overseas Bank Sydney Branch (UOB Sydney) took advantage of attractive margins caused by the Australian market’s major bank supply gap to achieve the tightest-ever pricing for an Australian dollar five-year financial institution (FI) deal in its 20 October print.
On 22 October, ClearView Wealth (BBB by Fitch) launched a new Australian dollar denominated, 10-year non-call five-year (10NC5), subordinated, floating-rate note (FRN) transaction. Indicative price guidance for the forthcoming deal, which is expected to price on the day of launch, is 600 basis points area over three-month bank bills. National Australia Bank is leading.
On 22 October, Liberty Financial began taking indications of interest for its residential mortgage-backed securities (RMBS) deal, Liberty 2020-3. Indicative total volume for the transaction is A$800 million (US$569 million), with the ability to upsize, and is expected to launch in the week beginning 26 October. Commonwealth Bank of Australia is arranger and joint lead manager alongside BofA Securities, Deutsche Bank, National Australia Bank and Westpac Institutional Bank.
Zip Co printed the Australian market’s first asset-backed securities (ABS) transaction with personal finance receivables since the onset of COVID-19. Deal sources say a recent rating upgrade and the borrower’s asset performance through the crisis provided significant tailwinds heading into the deal.
On 21 October, Clearview Wealth (BBB by Fitch) began taking indications of interest for an Australian dollar denominated, 10-year non-call five-year (10NC5), subordinated, floating-rate note (FRN) transaction. The potential deal is being marketed at 600 basis points area over three-month bank bills. National Australia Bank is leading.
On 21 October, New Zealand Debt Management (NZDM) announced ANZ, BNZ, UBS and Westpac Banking Corporation New Zealand Branch as lead managers for its new May 2028 nominal bond. The transaction is expected to launch in the week beginning 26 October.