News
The following interview is with an Australian-based bank treasury executive. It was conducted on 25 May 2020.
BWP Management, the responsible entity for BWP Trust (A-/A3), launched a capped A$50 million (US$32.7 million) increase to its April 2026 line on 26 May. The forthcoming deal, which is expected to price on the day of launch, is being marketed at 185 basis points area over semi-quarterly swap. Commonwealth Bank of Australia is leading.
Export-Import Bank of Korea (Kexim) took advantage of its position as a known quantity in an Australian dollar market that is still short of primary supply to execute its largest-ever Kangaroo deal. The issuer says it is not affected by the basis swap issues that have plagued Kangaroo economics in 2020.
On 26 May, Spark Finance (A- by S&P) mandated ANZ and Westpac Institutional Bank to arrange an investor call on 27 May regarding a potential six-year, Australian dollar denominated deal.
On 26 May, Groupe BPCE (A+/A1/A+) launched a new five-year, Australian dollar denominated, senior-preferred transaction, offered in either or both fixed and floating-rate note formats. Indicative price guidance for the forthcoming deal, which is expected to price on the day of launch, is 165-170 basis points area over swap benchmarks. National Australia Bank, Natixis, Nomura and TD Securities are leading.
Airservices Australia (AsA) returned to the domestic bond market in May at a time of unique uncertainty for the global aviation industry. As a government-owned and triple-A rated corporate entity, AsA also lacks obvious pricing comps. Neither factor proved an impediment to a well-supported transaction, deal sources say.
On 25 May, Columbus Capital (Columbus) mandated National Australia Bank, Natixis, Standard Chartered and Westpac Institutional Bank to engage investors regarding a potential deal from its Triton residential mortgage-backed securities (RMBS) deal.
The following interview is with an Australian-based service provider to the debt capital markets. It was conducted on 20 May 2020.
On 25 May, Groupe BPCE (A+/A1/A+) mandated National Australia Bank, Natixis, Nomura and TD Securities for a potential new five-year, Australian dollar denominated, senior-preferred, benchmark transaction.
Deal flow in Australasian markets remained steady in the week ending 22 May. Macquarie Bank printed a A$750 million (US$490.4 million), 10-year non-call five-year, tier-two transaction, while Export-Import Bank of Korea priced a A$700 million dual-tranche Kangaroo.
The cautious but early emergence of Australia and New Zealand from the COVID-19 crisis enabled Scentre Group to convey a positive forecast to debt investors in its recent US dollar deal. The result, deal sources say, was an endorsement for the company and for the prospects of antipodean economic recovery.