News
On 17 September, International Finance Corporation (IFC) (AAA/Aaa) launched a NZ$200 million (US$133.8 million) minimum increase to its September 2025 Kauri. The forthcoming deal is being marketed at 27 basis points area over mid-swap, equivalent to 40.9 basis points area over New Zealand government bond. Pricing is expected on the day after launch, according to lead manager ANZ.
TransGrid printed its debut Australian dollar deal on 15 September and in the process continued a run of strong market outcomes for defensive local credits. The issuer was keen to establish a beachhead in its domestic market as it eyes a greater capex-related funding requirement in the coming years.
On 17 September, AusNet Services (A-/A3) mandated UBS, as sole structing adviser and lead manager alongside, ANZ and National Australia Bank to arrange a series of investors calls in the week beginning 21 September regarding an inaugural Australian dollar denominated, 60-year non-call five-year (60NC5), subordinated, benchmark transaction.
On 17 September, Port of Tauranga (A- by S&P) mandated BNZ to arrange an investor call on 21 September regarding a potential New Zealand dollar denominated, five-year transaction.
On 17 September, Northern Territory Treasury Corporation (NTTC) (Aa3) launched a A$100 million (US$72.7 million) minimum, syndicated increase to its April 2033 line. Indicative price guidance for the deal is 116 basis points area over 10-year futures contract, equivalent to 106 basis points area over Australian Commonwealth government bond. Pricing is expected on the day of launch, according to lead manager UBS.
Resimac reopened the New Zealand residential mortgage-backed securities (RMBS) market with a transaction that had been pencilled in to its execution window even prior to COVID-19. Deal sources say surprisingly positive housing data and a new rates environment supported execution.
On 17 September, DBCT Finance (BBB/Baa3/BBB-), the principle financing entity within the Dalrymple Bay Group, began taking indications of interest for a new seven-year, Australian dollar denominated, senior-secured, benchmark transaction. The deal is being marketed at 325-350 basis points area over semi-quarterly swap. ANZ, National Australia Bank and Westpac Institutional Bank are leading.
On 16 September, La Trobe Financial mandated National Australia Bank as arranger, with Macquarie Bank and Westpac Institutional Bank as lead managers, for its residential mortgage-backed securities (RMBS) deal, LFCMT 2020-S1. On the same day, Moody's Investors Service and S&P Global Ratings assigned expected ratings to the potential deal transaction.
On 16 September, ConnectEast Finance (Baa2) announced a consent solicitation process, via Commonwealth Bank of Australia, for its Australian dollar February 2022 and March 2026 notes. Consent is being requested to seek direction from noteholders for a 30-day extension to deliver annual financial statements for the financial year ending 30 June 2020.