News
On 15 September, Clearview Wealth (BBB by Fitch) mandated National Australia Bank to engage investors in the week beginning 21 September regarding a potential Australian dollar denominated, 10-year non-call five-year (10NC5), subordinated transaction.
Following a renaissance of corporate issuers over the past month, Mercury took advantage of momentum in the New Zealand market to print a new green-bond transaction. The NZ$200 million (US$133.7 million) transaction is also the first time in 12 years that Mercury has accessed the domestic market in a senior, retail format.
On 15 September, Mortgage House launched its residential mortgage-backed securities (RMBS) deal, Mortgage House RMBS Series 2020-1. The transaction has capped volume of A$400 million (US$291.6 million). Westpac Institutional Bank is arranger and joint lead manager alongside National Australia Bank.
On 15 September, PACCAR Financial (A+ by S&P) launched a new four-year, Australian dollar denominated, benchmark transaction. The forthcoming deal is being marketed at 88-90 basis points area over semi-quarterly swap. Pricing is expected on the day of launch, according to lead managers ANZ, TD Securities and Westpac Institutional Bank.
On 15 September, Kiwibank (A/A1/AA-) began taking indications of interest for its debut, five-year, Kangaroo, soft-bullet, covered-bond deal. The transaction is being marketed at 80 basis points area over three-month bank bills and is expected to launch as early as 16 September. ANZ and UBS are leading.
On 15 September NSW Electricity Networks Finance, the financing entity of TransGrid (Baa2), launched a new 10-year, Australian dollar denominated, benchmark transaction. Indicative price guidance for the forthcoming deal, which is expected to price on the day of launch, is 185-190 basis points area over semi-quarterly swap. Commonwealth Bank of Australia and National Australia Bank are leading.
On 15 September, Auckland Council (AA/Aa2) launched an indicative NZ$300 million (US$201.1 million), 30-year, secured green-bond transaction. The forthcoming deal is being marketed with a coupon of 2.95 per cent. ANZ is green-bond co-ordinator, and joint lead manager alongside BNZ and Westpac Banking Corporation New Zealand Branch. Pricing is expected on 18 September.
Late in the day on 14 September, AMP Bank mandated Commonwealth Bank of Australia, Deutsche Bank, Macquarie Bank, MUFG Securities, National Australia Bank and Standard Chartered to engage investors regarding a potential Australian dollar denominated, capital-relief, residential mortgage-backed securities (RMBS) deal from its Progress programme.
HSBC Bank Australia’s first residential mortgage-backed securities (RMBS) transaction since 2007 took advantage of the absence of local bank supply to tighten pricing and increase volume. The issuer says it plans to be a prominent issuer of capital-relief RMBS in future.
On 14 September, Avanti Finance mandated Westpac New Zealand to arrange a series of investor meetings regarding a potential New Zealand dollar denominated residential mortgage-backed securities (RMBS) transaction.
NSW Electricity Networks Finance, the financing entity of TransGrid (Baa2), began taking indications of interest for a potential new 10-year, Australian dollar denominated, benchmark transaction. The deal is being marketed at 190 basis points area over semi-quarterly swap. Commonwealth Bank of Australia and National Australia Bank are leading.