News
On 28 August, Columbus Capital launched its nonresident residential mortgage-backed securities (RMBS) deal, Vermilion Trust No. 1 Bond Series 2019-1 (Vermilion 2019-1). Indicative total volume for the transaction is capped at A$250 million (US$168.9 million), with pricing expected on or before 30 August. Credit Suisse, MUFG Securities, Natixis, Standard Chartered and Westpac Institutional Bank are joint lead managers.
While on a trip to the antipodes, PGIM’s chief investment strategist and head of global bonds, Robert Tipp, spoke to KangaNews about the realities of the low-rate environment and fixed-income investment strategy amid negative headlines and challenging market conditions.
BNG Bank (AAA/Aaa) launched an indicative A$20 million (US$13.5 million) increase to its July 2028 Kangaroo bond on 28 August. Indicative price guidance for the forthcoming transaction, which is expected to price on the day of launch, is 51 basis points area over semi-quarterly swap, equivalent to 52.9 basis points area over Australian Commonwealth government bond. J.P. Morgan is leading.
On 28 August, Eclipx Group (Eclipx) revealed plans for a potential New Zealand dollar denominated asset-backed securities (ABS) deal from its FP Ignition programme. ANZ and Westpac New Zealand have been mandated to arrange investor meetings on 3 September in Wellington and on 4 September in Auckland.
On 28 August, Bendigo and Adelaide Bank (BEN) (BBB+/A3/A-) launched a new five-year, Australian dollar denominated benchmark transaction, offered in either or both fixed- and floating-rate format. Indicative price guidance for the forthcoming transaction, which is capped at a total of A$750 million (US$506.6 million), is 95-97 basis points area over swap benchmarks.
On 27 August, Pacific National (BBB-/BBB-) revealed plans for a potential 10-year, benchmark Reg S deal, to be denominated in Australian dollars, sterling or US dollars. BNP Paribas, Commonwealth Bank of Australia, Credit Suisse, MUFG Securities and National Australia Bank have been mandated to arrange a series of investor meetings across Australia, Asia and the United Kingdom in the week beginning 2 September.
On 27 August, Bendigo and Adelaide Bank (BEN) (BBB+/A3/A-) mandated ANZ, National Australia Bank, UBS and Westpac Institutional Bank for a new, five-year senior-unsecured benchmark deal. The transaction will come in either or both fixed- and floating-rate formats and is expected to launch in the near future.
Favourable domestic market conditions and strong investor support enabled ANZ Banking Group (ANZ) to print its second senior-unsecured deal in the Australian market for the year. The deal is the 10th ever senior-unsecured major-bank benchmark of A$3 billion (US$2 billion), four of which have printed in 2019 and eight since the start of last year.
Rentenbank (AAA/Aaa/AAA) launched a minimum A$50 million (US$33.9 million) increase to its May 2029 Kangaroo bond on 27 August. The forthcoming deal is being marketed at 44 basis points area over semi-quarterly swap, equivalent to 49.25 basis points area over Australian Commonwealth government bond. Pricing is expected on the day of launch, according to lead manager J.P. Morgan.
On 27 August, MyState Bank mandated Macquarie Bank, National Australia Bank and Westpac Institutional Bank to arrange a series of investor meetings in Sydney on 2 and 3 September regarding a residential mortgage-backed securities (RMBS) deal from its ConQuest programme.