News
On 18 August, Korea Development Bank (KDB) (AA/Aa2/AA-) launched a new Kangaroo, three-year, senior-unsecured, benchmark transaction, offered in either or both fixed and floating-rate note formats. The forthcoming deal, which is expected to price on the day of launch, is being marketed at 68 basis points area over swap benchmarks. ANZ, KDB Asia, MUFG Securities and National Australia Bank are leading.
On 18 August, QBE Insurance (A-/A3/A-) launched a new Australian dollar denominated, 16-year non-call six-year (16NC6), tier-two, floating-rate note transaction. Indicative price guidance for the forthcoming deal, which is expected to price on the day of launch, is 300 basis points area over three-month bank bills.
After issuing PRS 26 in June, Pepper Group returned with its PRS 27 residential mortgage-backed securities (RMBS) deal on 12 August with, the issuer says, renewed support from offshore investors.
Investore Property launched a NZ$75-125 million (US$49.1-81.9 million) seven-year, senior-secured deal to be offered to institutional and New Zealand retail investors on 17 August. The forthcoming transaction is being marketed at 200-220 basis points area over mid-swap and is expected to price on 21 August.
On 17 August, Korea Development Bank (KDB) (AA/Aa2/AA-) began taking indications of interest for a potential three-year, Kangaroo transaction, offered in either or both fixed and floating-rate note formats. Initial price thoughts are 70 basis points area over swap benchmarks, according to lead managers ANZ, KDB Asia, MUFG Securities and National Australia Bank.
On 17 August, Transpower New Zealand revealed plans for a potential increase to its September 2025 line, offered to institutional and New Zealand retail investors. Details of the offer are expected in the week beginning 24 August, according to lead manager Westpac Banking Corporation New Zealand Branch.
On 17 August, Insurance Australia Group (IAG) (A by S&P) launched a new Australian dollar denominated, 16.25-year non-call 6.25-year (16.25NC6.25), tier-two, floating-rate note transaction. The forthcoming deal, which is expected to price on the day of launch, is being marketed at 270 basis points area over three-month bank bills. The notes are expected to be rated BBB. ANZ, HSBC and J.P. Morgan are leading.
Deal activity in the Australian market was dominated by semi-government transactions this week, with Bank of China Sydney Branch also issuing a three-year A$600 million (US$429.2 million) floating-rate note. Meanwhile, two primary securitisation deals were executed.