News
On 15 October, Moody's Investors Service assigned preliminary ratings to Allied Credit's inaugural asset-backed securities (ABS) deal, Allied Credit ABS Trust 2020-1, comprising marine, motorcycles and other equipment backed loan receivables. Total indicative volume for the transaction is A$200 million (US$142.7 million). Macquarie Bank and National Australia Bank were mandated to engage investors on 24 September.
On 15 October, FIrstmac began taking indications of interest for its Reg S, dual-currency residential mortgage-backed securities (RMBS) deal, Firstmac 2020-3. Total capped volume for the transaction, which is expected to launch in the week beginning 19 October, is A$1 billion (US$713.1 million) equivalent. J.P. Morgan and National Australia Bank are arrangers and lead managers for the deal.
On 15 October, Liberty Financial mandated BofA Securities, Commonwealth Bank of Australia, Deutsche Bank, National Australia Bank and Westpac Institutional Bank for a potential residential mortgage-backed securities (RMBS) deal, Liberty Series 2020-3. The transaction may launch in the week beginning 26 October.
On 14 October, Pepper Group began taking indications of interest for its residential mortgage-backed securities (RMBS) deal, Pepper I-Prime 2020-1. Total indicative volume for the transaction is A$750 million, with the capacity to be upsized, and is expected to launch in the week beginning 19 October. National Australia Bank is arranger and joint lead manager alongside Commonwealth Bank of Australia, Standard Chartered and Westpac Institutional Bank.
On 14 October, Woori Bank (A/A1) launched its inaugural Kangaroo, three-year, COVID-19-recovery sustainability-bond transaction, offered in either or both fixed- and floating-rate note formats. The forthcoming deal is being marketed at 80 basis points area over swap benchmarks, according to lead managers MUFG Securities, Nomura and Westpac Institutional Bank.
On 14 October, flexigroup began taking indications of interest for its new asset-backed securities (ABS) deal, Flexi ABS Trust 2020-1. Total capped volume for the transaction is A$250 million (US$179.1 million) and is expected to launch in the week beginning 19 October. Commonwealth Bank of Australia is arranger and joint lead manager alongside National Australia Bank.
Mizuho Bank Sydney Branch (Mizuho Sydney) (A/A1) launched a new three-year, Australian dollar denominated transaction on 14 October, offered in either or both fixed- and floating-rate note formats. Indicative price guidance for the forthcoming deal, which is expected to price on the day of launch, is 60 basis points area over swap benchmarks.
On 14 October, Glencore Australia Holdings (BBB+/Baa1) mandated Commonwealth Bank of Australia, Mizuho Securities and National Australia Bank to arrange a group investor call on 15 October regarding a potential seven-year or longer, Australian dollar denominated, senior-secured transaction.