News
On 17 September, New Zealand Debt Management (NZDM) (AA+/Aaa/AA+) launched its new, NZ$1-2 billion (US$634.3-1,268.5 million) May 2031 syndicated transaction. The forthcoming deal has indicative price guidance of 13-17 basis points over the April 2029 New Zealand government bond and is being led by BNZ, Commonwealth Bank, UBS and Westpac Banking Corporation New Zealand Branch. Pricing is expected on the day after launch.
On 16 September, S&P Global Ratings released preliminary ratings for Bluestone Group (Bluestone)'s residential mortgage-backed securities (RMBS) deal, Sapphire XXII Series 2019-2. Moody's Investors Service revealed its expected ratings for the deal on 9 September. Total indicative volume for the transaction is A$450 million (US$309.3 million).
On 16 September, Wingate Consumer Finance (Wingate), trading as NOW FINANCE, launched its personal loans asset-backed securities (ABS) deal, Now Trust 2019-1. Capped total volume for the transaction is A$200 million (US$137.5 million). Pricing is expected on or before 20 September, according to arranger National Australia Bank.
Agricultural Bank of China Sydney Branch (A/A1/A) mandated ANZ, Bank of China, Commonwealth Bank of Australia and National Australia Bank as joint lead managers for a new three-year, Australian dollar denominated transaction on 16 September. The deal is being marketed at 92 basis points area over three-month bank bills and is expected to launch in the near future.
On 16 September, Macquarie Bank (Macquarie) launched its residential mortgage-backed securities (RMBS) deal, Puma Series 2019-1. The transaction has indicative total volume of A$543.5 million (US$373.8 million) with the potential to upsize and is expected to price on or before 20 September. ANZ, Commonwealth Bank of Australia, Macquarie, National Australia Bank and Westpac Institutional Bank are joint lead managers.
On 16 September, Eclipx Group (Eclipx) launched its asset-backed securities (ABS) deal, FP Ignition Series 2019-1. Total capped volume for the transaction is NZ$250 million (US$159.6 million), with pricing expected on 18 September. ANZ is arranger for the transaction and joint lead manager alongside Westpac New Zealand.
On 16 September, Metlifecare launched its NZ$75-100 million (US$47.8-63.7 million) seven-year senior-secured deal, with indicative price guidance of 180-190 basis points over mid swap. The final margin and interest rate is expected to be determined on 20 September following a bookbuild.
The second full week of September was highlighted by Asian Development Bank's A$150 million (US$103.1 million) March 2030 Kangaroo green bond and Central Nippon Expressway Company's A$350 million five-year Reg S print. Meanwhile, Housing New Zealand priced a NZ$600 million (US$384.5 million) dual-tranche wellbeing bond.
On 13 September, John Deere Financial (John Deere) (A/A2/A) mandated Westpac Institutional Bank to arrange an investor update call on 17 September regarding a potential 4-5 year Australian dollar denominated transaction.
Supranational, sovereign and agency (SSA) issuers were among the global pioneers of the green, social and sustainability (GSS) bond market. As the sector prepares for its next quantum leap, some of the Kangaroo market’s most prominent GSS issuers talk to KangaNews about their programmes and what comes next.
On 13 September, New Zealand Debt Management (NZDM) (AA+/Aaa/AA+) revealed BNZ, Commonwealth Bank, UBS and Westpac Banking Corporation New Zealand Branch as joint lead managers for a NZ$1-2 billion (US$640.7-1,281.4 million) syndicated deal, maturing May 2031.