News
On 14 February, Australian Office of Financial Management (AOFM) mandated Commonwealth Bank of Australia, J.P. Morgan and UBS for a syndicated tap of its May 2041 maturity in the week beginning 17 February.
South Australian Government Financing Authority (SAFA) printed its longest-dated maturity – a 12-year bond – on 13 February, as European investors’ strong participation in semi-government deals continued.
On 13 February, Treasury Corporation of Victoria (TCV) (AAA/Aaa) announced its intention to undertake a syndicated transaction for a new, benchmark, November 2030 bond, in the week beginning 17 February. ANZ, Citi, Deutsche Bank and UBS have been mandated as joint lead managers.
On 12 February, Macquarie Bank revealed updated price guidance of 88-90 basis points over one-month bank bills for the Class A-R notes of its Puma Series 2015-1 residential mortgage-backed securities (RMBS) refinancing. The tranche was launched on 10 February with price guidance of 90 basis points area. Macquarie Bank is lead manager for the deal, which is expected to price on 13 February.
A large maturity and pricing that has moved more in line with global markets allowed World Bank to make its first foray into antipodean markets for 2020 with a New Zealand dollar deal. Domestic balance-sheet support anchored the transaction, lead managers say.
On 12 February, Westpac New Zealand (AA-/A1/AA-) launched a new self-led New Zealand dollar denominated transaction. The forthcoming deal is offered in both a three-year floating-rate note tranche and a five-year fixed-rate tranche, with the ability to take up to NZ$100 million (US$64.6 million) in each tranche. Indicative price guidance for the three-year and five-year tranches is, respectively, 68-70 and 83 basis points area over mid-swap. The deal is expected to price on 14 February.
On 12 February, GPT RE, the responsible entity for General Property Trust (A/A2), launched a new 12-year, Australian dollar denominated, benchmark transaction. Indicative price guidance for the forthcoming deal is 170 basis points area over semi-quarterly swap. Pricing is expected on the day after launch, according to National Australia Bank, SMBC Nikko and Westpac Institutional Bank.
On 12 February, South Australian Government Financing Authority (SAFA) (AA+/Aa1) launched a new May 2032 syndicated transaction, with the ability to issue up to A$1 billion (US$671.5 million). The forthcoming deal is being marketed in the range of 71.5-73.5 basis points area over 10-year futures contract. Pricing is expected on the day after launch, according to Bank of America Securities, Commonwealth Bank of Australia, National Australia Bank and UBS.