News
On 20 August, Infratil (NR) launched a seven- and 10-year senior-unsecured domestic deal, for an aggregate volume of NZ$200-300 million (US$127.5-191.2 million). The seven-year tranche has an indicative coupon of 3.35 per cent, while the 10-year tranche has an indicative coupon of 3.5 per cent, with the interest rate to reset after 15 months and yearly thereafter at a rate of the one-year swap rate plus 2.5 per cent.
On 20 August, zipMoney launched its new asset-backed securities (ABS) deal, Zip Master Trust Series 2019-1. The transaction, which is expected to price on or before 23 August, has indicative total volume of A$400 million (US$271.1 million). National Australia Bank is leading.
On 20 August, NRW.BANK (AA-/Aa1/AAA) launched a minimum A$100 million (US$67.8 million) tap of its July 2024 Kangaroo bond, via Deutsche Bank, J.P. Morgan and RBC Capital Markets. The forthcoming deal has indicative price guidance of 50 basis points area over semi-quarterly swap and 59.4 basis points area over Australian Commonwealth government bond. Pricing is expected on the day after launch.
Inter-American Development Bank (IADB) (AAA/Aaa) launched a minimum A$20 million (US$13.6 million) tap of its June 2032 Kangaroo bond on 20 August. The forthcoming deal is being marketed at 47 basis points area over semi-quarterly swap, equal to 57.95 basis points area over the June 2031 Australian Commonwealth government bond (ACGB) and 51.5 basis points area over the April 2033 ACGB.
On 20 August, Korea Development Bank (KDB) (AA/Aa2/AA-) launched a multi-tranche Kangaroo benchmark deal, offered in three- and five-year floating-rate and five-year fixed-rate formats. Indicative price guidance for the three-year tranche is 65 basis points area over three-month bank bills, while the five-year tranches are being marketed at 80-82 basis points area over swap benchmarks.
On 20 August, Volkswagen Financial Services Australia (Volkswagen Australia) (BBB+/A3) revealed plans for a new five-year, Australian dollar denominated transaction. Initial price guidance for the deal, which is expected to launch in the near future, is 175-180 basis points area over semi-quarterly swap. ANZ and Citi have the mandate.
UBS Group (UBS) (A-/A+) launched a new, Australian dollar denominated, perpetual non-call five-year additional tier-one (AT1) capital transaction on 20 August. Initial price guidance for the forthcoming deal, which is expected to price on the day of launch, is 4.875 per cent area.
On 20 August, Westpac Banking Corporation (Westpac) (AA-/Aa3/AA-) launched a new 10-year non-call five-year (10NC5), Australian dollar denominated tier-two benchmark deal, offered in either or both fixed- and floating-rate format. Indicative price guidance for the forthcoming transaction is 205 basis points area over swap benchmarks.
On 19 August, S&P Global Ratings assigned preliminary ratings to Columbus Capital's 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$169.6 million). Credit Suisse, MUFG Securities, Natixis, Standard Chartered and Westpac Institutional Bank were mandated for the transaction on 16 August.