News
The following interview is with an Australian-based fixed-income investor. It was conducted on 27 May 2020.
On 1 June, Sumitomo Mitsui Banking Corporation Sydney Branch (SMBC Sydney) (A/A1/A) began taking indications for interest for a new multi-tranche, Australian dollar denominated, senior-unsecured transaction. Commonwealth Bank of Australia, SMBC Nikko, TD Securities and Westpac Institutional Bank are leading.
On 1 June, Canadian Imperial Bank of Commerce Toronto Branch (CIBC Toronto) (A+/Aa2/AA-) mandated ANZ, CIBC Capital Markets, National Australia Bank and Nomura for a potential benchmark, senior-unsecured, Kangaroo deal, with three- and five-year tranches. A group investor call will be held on the day of the announcement.
The final week of May in Australian dollar debt markets was highlighted by Kangaroo financial institution and corporate deals, from Groupe BPCE and Spark Finance respectively. Meanwhile, in New Zealand Rentenbank established a new Kauri line.
On 29 May, Columbus Capital began taking indications of interest for its residential mortgage-backed securities (RMBS) deal, Columbus Capital Triton 2020-2. Indicative total volume for the deal is A$500 million (US$332.5 million). National Australia Bank, Natixis, Standard Chartered and Westpac Institutional Bank were mandated to engage investors on 25 May.
On 29 May, BNG Bank (AAA/Aaa/AAA) launched a minimum A$40 million (US$26.5 million) increase to its November 2030 Kangaroo line. The forthcoming deal, which is expect to price on the day of launch, is being marketed at 66 basis points area over semi-quarterly swap, equivalent to 64.25 basis points area over Australian Commonwealth government bond. ANZ and TD Securities are leading.
The following interview is with a funding executive from an issuer in the supranational, sovereign and agency sector. It was conducted on 27 May 2020.
On 29 May, Resimac mandated Macquarie Bank and National Australia Bank to organise a series of investor meetings regarding a potential nonconforming residential mortgage-backed securities deal under its Bastille programme.
On 29 May, Western Australian Treasury Corporation (WATC) revealed an estimated term funding requirement for the 2020/21 financial year of A$2.6-4.5 billion (US$1.7-3 billion). The announcement followed the state treasurer’s economic update to the Western Australian parliament on 28 May.
The following interview is with a New Zealand-based fixed-income investor. It was conducted on 19 May 2020.