News
On 16 September, AMP Bank revealed initial price guidance for its Progress 2020-1 residential mortgage-backed securities (RMBS) deal. The indicative A$500 million (US$365.2 million) transaction is expected to launch in the week beginning 21 September. Deutsche Bank is arranger, and joint lead manager alongside Commonwealth Bank of Australia, Macquarie Bank, MUFG Securities, National Australia Bank and Standard Chartered.
Deutsche Bank (BBB+/A3/BBB) launched a new five-year, Australian dollar denominated, senior-nonpreferred transaction on 16 September. Indicative price guidance for the forthcoming deal is 250 basis points area over semi-quarterly swap.
On 16 September, New Zealand Debt Management (NZDM) (AA+/Aaa/AA+) decreased its New Zealand government bond (NZGB) programme for the 2020/21 financial year to NZ$50 billion (US$33.5 billion) from the NZ$60 billion announced at the Budget Economic and Fiscal Update 2020 in May.
On 16 September, Resimac began taking indications of interest for its dual-currency residential mortgage-backed securities (RMBS) deal, Premier Series 2020-1. Indicative total volume for the deal is A$750 million (US$547.1 million) equivalent, with the potential to upsize. The transaction is expected to launch in the week beginning 21 September.
On 16 September, Charter Hall Exchange Finance (A3), managed by the Charter Hall Group, launched a new A$300 million (US$219.1 million) maximum, 10-year, senior-secured transaction. Pricing is expected on the day of launch, with the deal being marketed at 170 basis points area over semi-quarterly swap. Commonwealth Bank of Australia is leading.
On 16 September, Kiwibank (A/A1/AA-) launched its debut, five-year, Kangaroo, soft-bullet, covered-bond deal. Indicative price guidance for the forthcoming deal is 75-80 basis points area over three-month bank bills. Pricing is expected on the day of launch, according to lead managers ANZ and UBS.
On 16 September, China Construction Bank New Zealand (CCB New Zealand) (A1/A) launched a NZ$100-150 million (US$67.1-100.7 million), three-year domestic deal. The forthcoming transaction has indicative price guidance of 90-95 basis points area over mid swap. Pricing is expected on the day after launch according to joint lead managers ANZ, BNZ, Commonwealth Bank and Westpac Banking Corporation New Zealand Branch.