News
Port of Melbourne says overwhelming investor support for its latest domestic transaction enabled a substantial upsize. The A$550 million (US$374.4 million) seven-year transaction comes after the issuer placed a multi-tranche US$602.8 million equivalent deal in the US private placement market in April this year.
OP Corporate Bank (OP Bank) (AA-/Aa3) launched its new five-year, Australian dollar denominated, senior non-preferred, floating-rate note (FRN) Reg S transaction on 14 November. Indicative price guidance for the forthcoming deal, which is expected to price on the day of launch, is 115 basis points area over three-month bank bills.
On 14 November, China Construction Bank New Zealand (CCB New Zealand) (A/A1) launched a new NZ$75-100 million (US$48.1-64.1 million), five-year deal. Indicative price guidance for the forthcoming deal, which is expected to price on the day after launch, is 115-120 basis points area over mid-swap. ANZ, BNZ and Westpac Banking Corporation New Zealand Branch are leading.
On 14 November, Beyond Bank began taking indications of interest for its new residential mortgage-backed securities (RMBS) deal, Barton Series 2019-1. The deal has a capped total volume of A$500 million (US$341.9 million), with launch expected in the week beginning 18 November. ANZ and Westpac Institutional Bank are leading.
On 13 November, Firstmac mandated ANZ, National Australia Bank, Standard Chartered and United Overseas Bank to engage investors in the week beginning 18 November regarding a potential Australian dollar denominated residential mortgage-backed securities (RMBS) deal.
On 13 November, flexigroup began taking indications of interest for its new asset-backed securities (ABS) deal, Flexi ABS Trust 2019-2. Indicative total volume for the potential transaction is A$265 million (US$181 million), with launch expected in the week beginning 18 November. National Australia Bank is arranger and joint lead manager alongside Commonwealth Bank of Australia.
On 13 November, National Housing Finance and Investment Corporation (NHFIC) (AAA by S&P) mandated ANZ, UBS and Westpac Institutional Bank to arrange an investor call on 14 November regarding a potential 10.5-year, Australian dollar denominated social bond.
On 13 November, OP Corporate Bank (OP Bank) (AA-/Aa3) began taking indications of interest for a new five-year, Australian dollar denominated, senior non-preferred, floating-rate note (FRN) Reg S transaction. The deal is being marketed at 110-113 basis points area over three-month bank bills, with the notes expected to be rated A/Baa1.
On 13 November, New South Wales Treasury Corporation (TCorp) (AAA/Aaa) launched a new March 2025, Australian dollar denominated sustainability bond. The deal is being marketed at 43.5-46.5 basis points area over the three-year futures contract, equivalent to 29.9-32.9 basis points area over Australian Commonwealth government bond. Pricing is expected on the day after launch, according to joint lead managers ANZ, Bank of America Merrill Lynch and National Australia Bank.