News
International Finance Corporation (AAA/Aaa) launched a minimum A$25 million (US$16.4 milion) tap to its April 2035 Kangaroo social bond on 20 May. Indicative price guidance for the forthcoming deal is 54 basis points area over semi-quarterly swap, equivalent to 39.25 basis points area over Australian Commonwealth government bond. Pricing is expected on the day of launch, according to ANZ.
On 20 May, Province of Alberta (A+/Aa2) launched a minimum A$80 million (US$52.4 million) increase to its October 2030 Kangaroo line. The forthcoming deal is being marketed at 100 basis points area over semi-quarterly swap, equivalent to 92.75 basis points area over Australian Commonwealth government bond. Pricing is expected on the day of launch, according to lead managers RBC Capital Markets and TD Securities.
The following interview is with an Australian-based corporate treasurer. It was conducted on 14 May 2020.
On 20 May, Export-Import Bank of Korea (Kexim) (AA/Aa2/AA-) launched a three-year, Kangaroo, benchmark 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 120 basis points area over swap benchmarks. J.P. Morgan, MUFG Securities, National Australia Bank and Westpac Institutional Bank are leading.
The Australian Office of Financial Management (AOFM) and Australian Securitisation Forum (ASF) are finalising terms for a forbearance special-purpose vehicle (SPV), designed to provide relief to nonbank and small bank lenders with securitisation trusts affected by forbearance on loans as a result of COVID-19.
The following interview is with an Australian-based service provider to the debt capital markets. It was conducted on 13 May 2020.
BNG Bank (AAA/Aaa/AAA) launched a new 10.5-year Kangaroo transaction on 19 May. The forthcoming deal is being marketed at 67 basis points area over semi-quarterly swap, equivalent to 66.25 basis points area over Australian Commonwealth government bond. Pricing is expected on the day of launch, according to lead managers Nomura and TD Securities.
On 19 May, Airservices Australia (AsA) (AAA by S&P) launched a new 10-year, Australian dollar denominated, benchmark transaction. Indicative price guidance for the forthcoming deal is 160 basis points area over semi-quarterly swap. ANZ and Commonwealth Bank of Australia are leading.