News
On 9 September, China Construction Bank New Zealand (CCB New Zealand) (A1/A) mandated ANZ, BNZ, Commonwealth Bank and Westpac Banking Corporation New Zealand Branch to arrange an investor update call ahead of a potential three-year domestic deal.
New Zealand inflation-linked bonds reached what some investors regard as fair value in August having lagged an international recovery for the asset class. Some market users see potential for further gains, though this relies on real inflation finally starting to outstrip suppressed expectations.
On 8 September, DBCT Finance (BBB/Baa3/BBB-), the principal financing entity within the Dalrymple Bay Group, mandated ANZ, National Australia Bank and Westpac Institutional Bank to arrange a series of investor calls beginning 9 September regarding a potential 7-10 year, Australian dollar denominated, benchmark transaction.
KangaNews hosted an exclusive briefing with the Reserve Bank of Australia (RBA) as part of the KangaNews Debt Capital Markets Summit 2020 online agenda. The reserve bank updated on the market-intervention measures it has rolled out since the start of the COVID-19 crisis while market participants discussed the RBA’s involvement from a range of perspectives.
On 7 September, Queensland Treasury Corporation (QTC) announced an indicative 2020/21 financial year borrowing requirement of A$21 billion (US$15.3 billion) following the release of the Queensland government’s COVID-19 fiscal and economic review. QTC has raised A$7 billion toward this requirement since 1 July.
On 7 September, HSBC Bank Australia's Lion Series 2020-1 residential mortgage-backed securities (RMBS) transaction proceeded to launch. The indicative A$750 million (US$546.3 million) deal is being arranged by ANZ and HSBC, which are also lead managers alongside National Australia Bank. Pricing is expected on or before 11 September.
On 7 September, Perenti International, a subsidiary of Perenti Global (BB/Ba2), mandated HSBC and National Australia Bank for an investor call on the same day regarding a potential five-year non-call two-year (5NC2), Australian dollar denominated transaction. The deal is being marketed with a coupon of 5.5 per cent area.
On 7 September, Commonwealth Bank of Australia (CBA) launched its refinancing of the Class A1 notes from its Medallion 2015-2 residential mortgage-backed securities (RMBS) deal. The transaction is expected to price on 9 September.
On 7 September, PACCAR Financial (A+ by S&P) mandated ANZ, TD Securities and Westpac Institutional Bank to host an investor call on 10 September regarding a potential four-year, Australian dollar denominated, benchmark transaction.
On 7 September, SGSP Australia Assets (SGSP) (A-/A3) launched an eight-year, Australian dollar denominated, benchmark transaction. Indicative price guidance for the forthcoming deal is 130 basis points area over semi-quarterly swap. Commonwealth Bank of Australia, ING, SMBC Nikko and Westpac Institutional Bank are leading.
On 7 September, Summerset Group Holdings launched its NZ$100-150 million (US$67.1-100.6 million), seven-year domestic deal being offered to retail and institutional investors. The forthcoming deal has indicative price guidance of 200-220 basis points over mid swap, with the final margin to be announced on 11 September following a bookbuild. ANZ, Craigs Investment Partners, Forsyth Barr and Jarden Securities are joint lead managers.