News
On 10 February, GPT RE, the responsible entity for General Property Trust (A/A2), announced a potential 12-year domestic deal to be led by National Australia Bank, SMBC Nikko and Westpac Institutional Bank. The transaction is expected to launch in the near future.
On 10 February, World Bank (AAA/Aaa) revealed a book update for its five-year Kauri deal. The new minimum volume is NZ$400 million (US$256.5 million), after launching earlier in the day at minimum NZ$200 million. The book is in excess of NZ$415 million, with the issuer open to further upsize. Pricing is unchanged at 33 basis points area over mid-swap. ANZ and BNZ are leading.
On 10 February, Credit Union Australia (CUA) (BBB/Baa1) launched a minimum A$200 million (US$133.5 million), three-year, senior-unsecured, floating-rate note (FRN) transaction. Indicative price guidance for the forthcoming deal, which is expected to price on the day of launch, is 93 basis points area over three-month bank bills. ANZ, Commonwealth Bank of Australia and National Australia Bank are leading.
On 10 February, First Abu Dhabi Bank (First Abu Dhabi) (AA-/Aa3/AA-) began taking indications of interest for a potential five-year Kangaroo transaction, offered in either or both fixed and floating-rate formats. Initial price guidance for the deal, which is expected to launch in the near future, is 115 basis points area over swap benchmarks. ANZ and Nomura are joint lead managers.
On 10 February, Toyota Finance Australia (Toyota Australia) (AA-/Aa3) launched a new three-year, Australian dollar denominated, benchmark transaction, offered in either or both fixed and floating-rate formats. Indicative price guidance for the forthcoming deal, which is expected to price on the day after launch, is 65-68 basis points area over swap benchmarks. ANZ and Commonwealth Bank of Australia are leading.
Credit Union Australia (CUA) (BBB/Baa1) began taking indications of interest for a new three-year, Australian dollar denominated, benchmark, floating-rate note (FRN) transaction on 10 February. Initial price guidance for the deal is 93 basis points area over three-month bank bills. ANZ, Commonwealth Bank of Australia and National Australia Bank are leading.
On 10 February, World Bank (AAA/Aaa) launched a new minimum NZ$200 million (US$128.1 million), five-year, Kauri bond transaction. The forthcoming deal, which is expected to price on the day after launch, is being marketed at 33 basis points area over mid-swap. ANZ and BNZ are joint lead managers.
On 10 February, Western Australian Treasury Corporation (WATC) (AA+/Aa1) revealed plans for a new, Australian dollar denominated, February 2025, syndicated floating-rate note (FRN) deal. ANZ and Deutsche Bank have been mandated as joint lead managers for the transaction, which is expected to launch in the near future.
Australian market deal activity was again subdued in the first week of February with only one transaction - Macquarie Bank's A$2.5 billion (US$1.7 billion) multi-tranche, senior-unsecured print.
On 7 February, Columbus Capital mandated National Australia Bank, Standard Chartered Bank and Westpac Institutional Bank to engage investors regarding a potential Australian dollar denominated, residential mortgage-backed securities (RMBS) deal from its Triton programme.
On 7 February, Macquarie Bank began taking indications of interest for a self-led refinancing of its Puma Series 2015-1 Class A-R note. Total indicative volume for the transaction is A$401.13 million (US$270 million) and is expected to launch in the week beginning 10 February.