News
On 9 October, Mercedes-Benz Financial Services Australia (Mercedes-Benz Australia) began taking indications of interest for its auto asset-backed securities (ABS) deal, Silver Arrow Australia 2019-1. The transaction's total indicative volume is A$580 million, with launch expected in the week beginning 14 October. ANZ is arranger and joint lead manager alongside MUFG Securities.
On 9 October, Credit Union Australia (CUA) (BBB/Baa1) began taking indications of interest for a new five-year Australian dollar denominated, floating-rate note (FRN) transaction. Initial price guidance for the deal is 115 basis points area over three-month bank bills, according to National Australia Bank.
Queensland Treasury Corporation (QTC) (AA+/Aa1/AA) launched a new August 2031, Australian dollar denominated, syndicated benchmark transaction on 9 October. The deal is being marketed at 71-74 basis points area over the 10-year futures contract, equivalent to 66.25-69.25 basis points area over Australian Commonwealth government bond.
On 9 October, Commonwealth Bank of Australia (CommBank) launched an indicative A$750 million (US$504.7 million) additional tier-one (AT1) capital transaction, PERLS XII. The notes have a call date of 20 April 2027 and a mandatory exchange date of 20 April 2029. Indicative price guidance for the forthcoming deal is 300-320 basis points over three-month bank bills, with the final margin expected to be determined on 17 October following a bookbuild.
On 9 October, Sumitomo Mitsui Financial Group (SMFG) (A-/A1) launched a new five-year Australian dollar denominated, Reg S 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 of launch, is 128 basis points area over swap benchmarks.
On 8 October, Queensland Treasury Corporation (QTC) (AA+/Aa1/AA) mandated ANZ, National Australia Bank and UBS for a new August 2031, Australian dollar denominated, syndicated benchmark transaction, expected to launch in the near future.
On 8 October, Firstmac launched its prime residential mortgage-backed securities (RMBS) deal, Firstmac Series 3PP-2019. The forthcoming deal has indicative total volume of A$500 million (US$337.2 million) with the potential to upsize. Pricing is expected on or before 11 October, according to J.P. Morgan which is arranger, as well as joint lead manager alongside Westpac Institutional Bank.
On 8 October, Dexus Finance (Dexus) (A-/A3) mandated SMBC Nikko and Westpac Institutional Bank for a potential 10-year Australian dollar denominated transaction.
On 8 October, La Trobe Financial launched its residential mortgage-backed securities (RMBS) deal, La Trobe Financial Capital Markets Trust 2019-2. The deal has total indicative volume of A$1 billion (US$673.2 million), with the potential to upsize to A$1.25 billion, and is expected to price on or before 11 October.
On 8 October, Sumitomo Mitsui Financial Group (SMFG) (A-/A1) revealed plans for a new five-year Australian dollar denominated, Reg S benchmark transaction, offered in either or both fixed- and floating-rate format. The deal is being marketed at 128 basis points area over swap benchmarks.
On 7 October, Pepper Group (Pepper) launched an indicative A$176.3 million (US$118.7 million) refinancing of notes from its PRS 19 residential mortgage-backed securities (RMBS) transaction. The deal is being arranged by National Australia Bank and is expected to price on 9 October.