News
On 27 August, Liberty Financial (Liberty) (BBB- by S&P) mandated Deutsche Bank, National Australia Bank and Westpac Institutional Bank for a potential 3-4-year Australian dollar denominated senior-unsecured deal, offered in either or both fixed- and floating-rate format. An investor update call will take place on the day of the announcement.
On 26 August, expected ratings were assigned by S&P Global Ratings to MyState Bank’s potential residential mortgage-backed securities (RMBS) deal, ConQuest 2019-2 Trust. The deal has indicative total volume of A$400 million (US$269.5 million).
An ongoing supportive market and a desire for a smooth tier-two maturity profile drove Westpac Banking Corporation (Westpac) to undertake its second tier-two deal since total capital requirements for Australia’s major banks were raised in July. Westpac’s domestic dollar foray continued the theme of strong oversubscription and price tightening for major-bank tier-two product.
On 26 August, Transpower New Zealand (Transpower) (AA-/Aa3) launched a NZ$100-150 million (US$63.8-95.7 million) six-year domestic deal to institutional and New Zealand retail investors. Indicative price guidance for the forthcoming deal is 72-77 basis points over mid swap, with the final margin and interest rate to be set on 28 August. ANZ is leading.
On 23 August, Wingate Consumer Finance (Wingate), trading as NOW FINANCE, revealed plans for a potential consumer personal loans asset-backed securities (ABS) transaction. National Australia Bank have been mandated to arrange a series of investor meetings across Australia and New Zealand in the week beginning 28 August.
On 23 August, Columbus Capital began taking indications of interest for 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 A$250 million (US$168.9 million) and is expected to launch in the week beginning 26 August. Credit Suisse, MUFG Securities, Natixis, Standard Chartered and Westpac Institutional Bank were mandated on 16 August.
Deal flow picked up in Australia and New Zealand approaching the end of August. Transaction highlights include more Australian domestic tier-two issuance – this time from Westpac Banking Corporation – a jumbo senior unsecured benchmark from ANZ Banking Group and a dual-currency securitisation by Resimac.