News
Treasury Corporation Victoria (TCV) returned to the public syndicated market on 1 September having not printed a benchmark deal since mid-February. The issuer tells KangaNews lack of execution certainty kept its focus on reverse-enquiry and privately placed issuance until now.
On 2 September, HSBC Bank Australia began taking indications of interest for its indicative A$750 million (US$550.7 million), Lion Series 2020-1 Trust, residential mortgage-backed securities (RMBS) deal. The transaction is expected to launch in the week beginning 7 September. ANZ, HSBC and National Australia Bank were mandated to arrange the transaction on 24 August.
Meridian Energy became the latest New Zealand corporate issuer to certify its entire debt programme under environmental criteria, with the 26 August launch of its green financing programme. All Meridian’s debt instruments – a book totalling NZ$1.8 billion (US$1.2 billion) – are covered by the programme, which means its existing and, potentially, future domestic and US private placement issuance is now in green-bond format.
UDC Finance’s sale by ANZ to Shinsei Bank has established what KangaNews understands is New Zealand’s largest warehouse facility. The issuer expects eventually to bring public term securitisation deals to New Zealand and could also access funding from further afield.
On 2 September, Resimac mandated Deutsche Bank, J.P. Morgan, MUFG Securities and National Australia Bank to engage investors regarding a potential residential mortgage-backed securities (RMBS) deal from its Premier programme.
Asian Development Bank (ADB) printed a quick follow-up to last week’s International Finance Corporation (IFC) Kauri bond, as New Zealand dollar issuance conditions remain favourable compared with US dollars. ADB has now issued close to NZ$1 billion (US$737.7 million) of Kauri bonds in 2020.
On 2 September, Liberty Financial launched its new SME asset-backed securities (ABS) deal, Liberty Series 2020-1 SME. Indicative volume for the forthcoming deal is A$400 million (US$293.7 million), with the potential to upsize to a A$600 million maximum. Westpac Institutional Bank is arranger and joint lead manager alongside Credit Suisse. Pricing is expected on 4 September.
On 2 September, Mercury revised the indicative margin range to 125-135 from 125-145 basis points area over mid-swap for its NZ$150-200 million (US$101.5-135.3 million), seven-year, green-bond transaction. Pricing is expected on 4 September, according to lead managers ANZ, BNZ, Craigs Investment Partners and Forsyth Barr.
On 2 September, SGSP Australia Assets (SGSP) (A-/A3) mandated Commonwealth Bank of Australia, ING, SMBC Nikko and Westpac Institutional Bank to arrange a series of investor calls beginning 3 September regarding a potential Australian dollar denominated, eight-year, benchmark transaction.
