News
On 7 November, National Australia Bank (NAB) (AA-/Aa3/AA-) launched a 12-year non-call seven-year (12NC7), tier-two, Australian dollar denominated benchmark transaction, offered in either or both fixed- and floating-rate format. Indicative price guidance for the forthcoming deal, which is expected to price on the day after launch, is 210 basis points area over swap benchmarks. The notes are expected to be rated BBB+/Baa1/A+.
Inter-American Development Bank (IADB) (AAA/Aaa/AAA) launched a minimum A$100 million (US$68.8 million) increase to its October 2025 Kangaroo bond on 7 November. Indicative price guidance for the forthcoming deal is 38 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 Nomura.
On 7 November, National Australia Bank (NAB) (AA-/Aa3/AA-) revealed plans for a potential 12-year non-call seven-year (12NC7), tier-two, Australian dollar denominated benchmark transaction, offered in either or both fixed- and floating-rate format. The notes are expected to be rated BBB+/Baa1/A+.
On 7 November, Macquarie University (Aa2) began taking indications of interest for a potential 10.5-year, Australian dollar denominated sustainability bond transaction. Initial price guidance for the deal is 95-100 basis points area over semi-quarterly swap. The transaction is expected to launch in the near future, according to National Australia Bank.
On 6 November, BNG Bank (AAA/Aaa/AAA) launched a minimum A$25 million (US$17.2 million) increase to its April 2029 Kangaroo bond. Indicative price guidance for the forthcoming deal is 52 basis points area over semi-quarterly swap, equivalent to 55 basis points area over Australian Commonwealth government bond. Pricing is expected on the day of launch, according to Nomura.
Citibank N.A. Sydney Branch (Citibank Sydney) (A+/Aa3) launched a new Australian dollar denominated transaction on 6 November. The forthcoming deal is potentially comprised of three- and five-year floating-rate notes and a five-year fixed-rate tranche. Indicative price guidance for the three-year and five-year tranches is, respectively, 75 and 93 basis points area over swap benchmarks.
Verizon Communications (Verizon) returned to the Australian market for its second Kangaroo deal on 30 October. The transaction was smaller in size than the issuer’s Australian debut but still pushes the boundaries on Australian dollar tenor through the inclusion of a 20-year tranche with benchmark volume which compares with deeper global markets.
On 6 November, Qantas Airways (Qantas) (Baa2) mandated Citi, Commonwealth Bank of Australia and National Australia Bank to arrange a series of investor meetings and calls in Australia and Asia in the week beginning 11 November regarding a potential 10-year, Australian dollar denominated benchmark transaction.
On 6 November, Dunedin City Treasury (AA by S&P) mandated ANZ to arrange an investor call on 8 November regarding a potential domestic transaction, offered in three- and seven-year tranches.