News
On 23 September, HSBC Sydney Branch (HSBC Sydney) (AA-/Aa3) launched a new Australian dollar denominated senior-unsecured benchmark transaction. The forthcoming transaction will be offered in either or both three- and five-year duration and in either or both fixed- and floating-rate format.
John Deere Financial (John Deere) (A/A2/A) launched a new five-year, Australian dollar denominated benchmark transaction on 23 September. The forthcoming deal is being marketed at 100 basis points area over semi-quarterly swap. Pricing is expected on or before 24 September, according to lead manager Westpac Institutional Bank.
On 23 September, Mitsubishi UFJ Financial Group (MUFG) (A-/A1/A) revealed plans for a new five-year, Australian dollar denominated, total loss-absorbing capacity (TLAC)-eligible, benchmark green-bond transaction, to come in either or both fixed- and floating-rate format. ANZ, Morgan Stanley, MUFG Securities, National Australia Bank and Westpac Institutional Bank are joint lead managers for the transaction which is expected to launch in the near future.
The third full week of September in the Australian market was highlighted by Pacific National's A$450 million (US$306.2 million) 10-year print and Macquarie Bank's A$2.88 billion residential mortgage-backed securities deal. Meanwhile, New Zealand Debt Management priced a NZ$2 billion (US$1.26 billion) May 2031 syndicated transaction.
On 20 September, Firstmac began taking indications of interest for its residential mortgage-backed securities (RMBS) deal, Firstmac Series 3PP-2019. The transaction has indicative total volume of A$500 million (US$339.3 million), with an upsize possible, and is expected to launch in the week beginning 30 September. J.P. Morgan is arranger and joint lead manager alongside Westpac Institutional Bank.
Wingate Consumer Finance (Wingate) printed its debut public asset-backed securities (ABS) transaction on 18 September. The issuer believes it is capitalising on a niche in Australia’s increasingly competitive lending market and now has the funding diversity to pursue its growth plans.
On 20 September, Banco Santander (A/A2/A-) launched a new, five-year,senior-preferred, Australian dollar denominated deal. The forthcoming transaction will come in either or both fixed- and floating-rate formats and has indicative price guidance of 125 basis points area over swap benchmarks. Pricing is expected on the day of launch, according to lead managers Nomura and TD Securities.
New Zealand Debt Management (NZDM) printed its first syndicated transaction in 18 months on 18 September, establishing a new May 2031 line. The deal was well-received according to the issuer, with nearly half of the transaction allocated to offshore accounts despite feedback that the relative value of New Zealand government bonds to other sovereigns has declined.
On 19 September, Moody's Investors Service and S&P Global Ratings released provisional ratings for La Trobe Financial's residential mortgage-backed securities (RMBS) deal, La Trobe Financial Capital Markets Trust 2019-2. The indicative total volume is A$750 million (US$511.8 million).