News
On 2 December, Eclipx Group (Eclipx) launched its auto asset-backed securities (ABS) deal, FP Turbo Series 2019-1. Total indicative volume for the deal is A$450 million (US$304.4 million), with pricing expected on or before 6 December. Westpac Institutional Bank is arranger and joint lead manager alongside ANZ, Commonwealth Bank of Australia, Macquarie Bank and National Australia Bank.
On 2 December, South Australian Government Financing Authority (SAFA) (AA+/Aa1) revealed plans for a potential minimum A$100 million (US$67.7 million) one-year, syndicated Australian Overnight Index Average (AONIA)-linked floating-rate note (FRN) transaction. UBS is sole lead manager.
The final week of November in the Australian market was highlighted by Bank Australia's A$125 million (US$84.7 million) three-year sustainability bond and Oversea-Chinese Banking Corporation Sydney Branch's A$500 million three-year green bond. Meanwhile, ING Bank Australia priced a A$1.65 billion residential mortgage-backed securities deal.
On 29 November, KfW Bankengruppe (KfW) (AAA/Aaa) launched a minimum A$150 million (US$101.5 million) increase to its February 2021 Kangaroo bond. Indicative price guidance for the forthcoming deal is 24 basis points area over semi-quarterly swap, equivalent to 26.5 basis points area over Australian Commonwealth government bond. Pricing is expected on the day of launch, according to Nomura.
On 29 November, Synlait Milk (Synlait) revealed details for its NZ$150-200 million (US$96.3-128.3 million) five-year subordinated deal. The forthcoming transaction is being marketed at 250-270 basis points over mid swap, with the final margin to be determined following a bookbuild on 6 December.
National Housing Finance and Investment Corporation (NHFIC) targeted development of its investor base in it second bond transaction, which priced on 19 November. Issuance volume is limited by NHFIC’s clients’ need but the issuer says it has a pipeline to provide liquidity for investors.
Flexigroup says including green tranches all the way down the capital stack of its latest asset-backed securities (ABS) transaction was the best deployment of qualifying assets. The issuer says ‘dark-green’ investors remain thin on the ground in ABS transactions but it still benefited from its innovation in the green-bond space.
On 27 November, Eclipx Group (Eclipx) began taking indications of interest for its new auto asset-backed securities (ABS) deal, FP Turbo Series 2019-1. Total indicative volume for the deal is A$450 million (US$305.3 million), with launch expected in the week beginning 2 December. Westpac Institutional Bank is arranger and joint lead manager alongside ANZ, Commonwealth Bank of Australia, Macquarie Bank and National Australia Bank.