News
Newcastle Permanent Building Society (NPBS)’s latest transaction suggests growing investor interest in the mutual bank sector – including from offshore. NPBS priced its A$225 million (US$153.7 million), five-year, floating-rate note (FRN) deal on 21 January, led by ANZ and National Australia Bank.
On 22 January, Dexus Finance (Dexus) (A-/A3) launched a new 12-year, Australian dollar denominated, benchmark transaction. Indicative price guidance for the forthcoming deal, which is expected to price on the day after launch, is 185 basis points area over semi-quarterly swap. Westpac Institutional Bank is leading.
On 21 January, Housing New Zealand Limited (AA+/Aaa), a subsidiary of Kāinga Ora – Homes and Communities (Kāinga Ora), mandated ANZ, BNZ and Westpac Banking Corporation New Zealand Branch to arrange a global investor conference call on 23 January regarding the borrower’s increased borrowing protocol limit, as well as a potential increase to the issuer’s June 2025 wellbeing bond and a new 2030 wellbeing bond. The transactions may launch as early as the week beginning 27 January.
On 21 January, Liberty Financial (Liberty) mandated Bank of America and National Australia Bank to engage investors regarding a potential Australian dollar denominated auto asset-backed securities (ABS) transaction.
On 21 January, Canadian Imperial Bank of Commerce Australia Branch (CIBC Australia) (A+/Aa2/AA-) launched a minimum A$200 million (US$137.5 million), one-year, senior-unsecured, floating-rate note (FRN) transaction. The forthcoming deal, which is expected to price on the day of launch, is being marketed at 40 basis points area over three-month bank bills. ANZ, HSBC and National Australia Bank are joint lead managers.
BNG Bank (AAA/Aaa/AAA) launched a minimum A$20 million (US$13.8 million) increase to its April 2029 Kangaroo bond, on 21 January. The deal is being marketed at 51 basis points area over semi-quarterly swap, equivalent to 49.9 basis points area over Australian Commonwealth government bond. Pricing is expected on the day of launch, according to lead manager Citi.