News
Sumitomo Mitsui Banking Corporation Sydney Branch (SMBC Sydney)’s latest transaction was the largest-ever Australian dollar deal from a bank with offshore parentage. It was also the largest credit deal since the onset of the COVID-19 crisis.
Late in the Sydney day on 11 June, Liberty Financial began taking indications of interest for its proposed residential mortgage-backed securities (RMBS) deal, Liberty Series 2020-2. Total indicative volume for the deal is A$500 million (US$345.9 million), and has the potential to upsize, with launch expected in the week beginning 15 June.
The following interview is with an Australian-based fixed-income investor. It was conducted on 3 June 2020.
Municipality Finance (MuniFin) (AA+/Aa1) launched a new, minimum NZ$100 million (US$65.3 million), three-year Kauri deal on 11 June. The forthcoming transaction has indicative price guidance of 46 basis points area over mid swap. Pricing is expected on the day after launch, says sole lead manager BNZ.
On 11 June, New Zealand Debt Management (NZDM) (AA+/Aaa/AA+) revealed ANZ, Deutsche Bank, J.P. Morgan and Westpac Banking Corporation New Zealand Branch as joint lead managers for its syndicated, May 2024, nominal bond transaction. The deal is expected to launch in the week beginning 15 June.
On 10 June, South Australian Government Financing Authority (SAFA) (AA+/Aa1) launched a three-year, Australian Overnight Index Average (AONIA)-linked floating-rate note (FRN) transaction. The minimum volume for the forthcoming deal is A$100 million (US$69.7 million) and is capped at A$1 billion. Indicative price guidance is 34 basis points area over the daily compounded AONIA.
On 10 June, Liberty Financial mandated BofA Securities, Commonwealth Bank of Australia, Deutsche Bank, National Australia Bank and Westpac Institutional Bank to manage a potential Australian dollar denominated residential mortgage-backed securities (RMBS) deal. The transaction may launch in the week beginning 15 June.
On 10 June, BNG Bank (AAA/Aaa/AAA) launched a minimum A$20 million (US$13.9 million) increase to its November 2030 Kangaroo line. The forthcoming deal is being marketed at 64 basis points area over semi-quarterly swap, equivalent to 60.6 basis points area over Australian Commonwealth government bond. Pricing is expected on the day of launch, according to lead manager Nomura.
The following interview is with an Australian-based fixed-income investor. It was conducted on 4 June 2020.