News
On 30 April, BNG Bank (AAA/Aaa/AAA) launched a new A$200 million (US$131.2 million), 3.5-year, Kangaroo, benchmark transaction. Indicative price guidance for the forthcoming deal, which is expected to price on the day of launch, is 50 basis points area over semi-quarterly swap. Nomura and RBC Capital Markets are leading.
On 30 April, Firstmac revealed plans for a residential mortgage-backed securities (RMBS) refinancing deal, Firstmac Series 1-2015 Class A-2R. The indicative tranche volume for the potential deal is A$100 million (US$65.6 million), with launch expected in the week beginning 4 May. ANZ is leading.
The following interview is with an Australian-based debt capital markets originator. It was conducted on 23 April 2020.
On 29 April, in its monthly tender schedule update, New Zealand Debt Management (NZDM) (AA+/Aaa/AA+) revealed plans to execute a new, May 2024, nominal bond transaction by syndication in June. NZDM will issue NZ$4.2 billion (US$2.6 billion) in nominal bonds by tender in May.
On 29 April, La Trobe Financial revealed plans for a potential Australian dollar denominated residential mortgage-backed securities (RMBS) transaction. Citi, Commonwealth Bank of Australia, HSBC, Macquarie Bank, National Australia Bank, Natixis and Wells Fargo Securities have been mandated to arrange a series of investor meetings on 30 April and 1 May.
APT Pipelines, the borrowing entity of APA Group, has returned to the euro market for the first time since its 2015 debut. Deal sources say the borrower’s credit story and lack of exposure to oil enabled a successful transaction amidst a pocket of volatility.
The following interview is with an Australian-based speciality debt investor. It was conducted on 24 April 2020.
Late in the day on 28 April, KfW Bankengruppe (AAA/Aaa/AAA) launched a minimum A$150 million (US$97.4 million) increase to its June 2022 Kangaroo bond. The forthcoming deal is being marketed at 41 basis points area over semi-quarterly swap, equivalent to 41 basis points area over Australian Commonwealth government bond. Pricing is expected on 29 April, says sole lead manager RBC Capital Markets.
The following interview is with an Australian-based corporate treasurer. It was conducted on 24 April 2020.
In March, Europe’s technical expert group on sustainable finance (TEG) delivered the final report on the EU’s taxonomy for climate change mitigation and adaptation. The taxonomy – and the green bond standard (GBS) that is expected to follow it – will have global ramifications for sustainable finance including opportunities and challenges for Australasian market participants.