News
On 6 November, Bendigo and Adelaide Bank (BEN) began taking indications of interest for its new residential mortgage-backed securities (RMBS) deal, Torrens Series 2019-2. Total indicative volume for the transaction is A$500 million (US$344.8 million), with launch expected in the week beginning 11 November. ANZ, Macquarie Bank, National Australia Bank and Westpac Institutional Bank are leading.
On 5 November, China Construction Bank New Zealand (CCB New Zealand) (A/A1) mandated ANZ, BNZ and Westpac Banking Corporation New Zealand Branch to arrange an investor meeting on 11 November regarding a potential five-year, New Zealand dollar denominated transaction.
On 5 November, BNG Bank (AAA/Aaa/AAA) launched a minimum A$15 million (US$10.3 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 55.2 basis points area over Australian Commonwealth government bond. Pricing is expected on the day of launch, according to Nomura.
On 4 November, Housing New Zealand Limited (Housing NZ) (AA+ by S&P) revealed a book update for its October 2026 wellbeing-bond line increase. The indicative price guidance has been revised to 36-38 basis points area over mid-swap, after launching earlier in the day with a margin range of 35-39 basis points area. The book is in excess of NZ$350 million, with the issuer open to upsize. ANZ and BNZ are leading.
On 4 November, Mercedes-Benz Australia Pacific (Mercedes-Benz) (A/A2/A-) launched a new, indicative A$100 million (US$69.1 million) three-year EMTN transaction. The forthcoming deal, which is expected to price on the day of launch, is being marketed at 82 basis points area over semi-quarterly swap. ANZ and Westpac Institutional Bank are leading.
On 4 November, Housing New Zealand Limited (Housing NZ) (AA+ by S&P) launched a minimum NZ$200 million (US$128.7 million) increase to its October 2026 wellbeing-bond line. The forthcoming transaction has indicative price guidance of 35-39 basis points area over mid swap and is expected to price on the day after launch. ANZ and BNZ are joint lead managers.
A spate of corporate deals ignited the Australian public market in the week bridging October and November, led by Verizon Communication's A$1.25 billion (US$863 million) multi-tranche Kangaroo deal and Coles Group's A$600 million dual-tranche trade. Meanwhile, securitisation issuance continued at pace with transactions from Columbus Capital and Pepper Group.