News
Late in the Sydney day on 12 May, NRW.BANK (AA/Aa1/AAA) launched a new three-year Kangaroo transaction. The forthcoming deal is being marketed at 53 basis points area over semi-quarterly swap, equivalent to 52.55 basis points area over Australian Commonwealth government bond. Pricing is expected on 13 May, according to lead managers Nomura, RBC Capital Markets and TD Securities.
Deal sources say real-money investors embraced Bank of Queensland (BOQ)’s decision to print the first conditional pass-through (CPT) covered bond in Australian dollars. The A$750 million (US$483.8 million) five-year deal priced on 7 May.
On 12 May, Airservices Australia (AsA) (AAA by S&P) mandated ANZ and Commonwealth Bank of Australia to arrange a series of investor calls across Australia and Asia beginning 14 May regarding a potential Australian dollar denominated transaction.
The following interview is with a New Zealand based corporate treasurer. It was conducted on 8 May 2020.
Woolworths Group (BBB/Baa2) launched an Australian dollar denominated, benchmark transaction on 12 May. Offered in either or both five- and 10-year tranches, indicative price guidance for the forthcoming deal is, respectively, 160 and 210 basis points area over semi-quarterly swap. Pricing is expected on the day after launch, according to lead managers ANZ, Commonwealth Bank of Australia, National Australia Bank and Westpac Institutional Bank.
On 12 May, Australian Office of Financial Management (AOFM) (AAA/Aaa/AAA) launched a new December 2030, syndicated, benchmark, treasury bond. The forthcoming deal is being marketed at 7-10 basis points area over 10-year futures contract, with pricing expected on the day after launch. ANZ, Citi, Commonwealth Bank of Australia and UBS are leading.
On 12 May, UBS Australia Branch (UBS Australia) (A+/Aa3/AA-) launched a new 2.5-year, Australian dollar denominated, senior-unsecured, benchmark transaction. Indicative price guidance for the forthcoming deal is 120-125 basis points area over three-month bank bills. Pricing is expected on the day of launch, according to joint lead managers ANZ, Commonwealth Bank of Australia, National Australia Bank, UBS and Westpac Institutional Bank.