News
On 16 August, zipMoney began taking indications of interest for its potential new asset-backed securities (ABS) deal, Zip Master Trust Series 2019-1. The transaction, which is expected to launch and price in the week beginning 19 August, has indicative total volume of A$400 million (US$271.2 million). National Australia Bank is leading.
On 16 August, Bank of Queensland (BOQ) began taking indications of interest for a its potential Series 2019-1 REDS Trust residential mortgage-backed securities (RMBS) deal, which is expected to launch and price in the week beginning 19 August.
On 16 August, EUROFIMA (AA+/Aa2) launched a minimum A$20 million (US$13.5 million) increase of its May 2029 Kangaroo bond, via Nomura. The forthcoming deal is being marketed at 62 basis points area over semi-quarterly swap, equivalent to 65 basis points area over Australian Commonwealth government bond. Pricing is expected on the day of launch.
Late in the Sydney day on 15 August, Rentenbank (AAA/Aaa/AAA) launched a minimum A$50 million (US$33.9 million) tap of its May 2026 Kangaroo bond. The forthcoming transaction has indicative price guidance of 44 basis points area over semi-quarterly swap and 42.25 basis points area over Australian Commonwealth government bond. Pricing is expected on 16 August, according to sole lead manager Citi.
ASB Bank says it was eager to access the domestic market to kickstart its new financial year funding task, amid robust demand conditions. Deal distribution in New Zealand dollars continues to be domestically focused but has been able to produce multiple record-volume deals for financial institution (FI) issuers.
On 15 August, BNG Bank (AAA/Aaa/AAA) launched a minimum A$25 million (US$16.9 million) increase to its April 2029 Kangaroo bond. Indicative price guidance for the forthcoming transaction is 52 basis points area over semi-quarterly swap, equivalent to 56.25 basis points area over Australian Commonwealth government bond.
Australian Capital Territory (ACT) priced its largest-ever bond deal on 13 August: a A$1 billion (US$679.4 million) transaction maturing in May 2025. Lead managers say the relative-value pick up of ACT to other triple-A semi-government borrowers and ongoing demand from bank balance sheets supported the book.
On 15 August, Asian Development Bank (ADB) (AAA/Aaa/AAA) launched a minimum NZ$150 million (US$96.6 million) increase to its January 2023 Kauri bond, with indicative price guidance of 27 basis points over mid swap. ANZ is sole lead manager.
On 15 August, New Zealand Local Government Funding Agency (LGFA) (AA+/AA+) revealed plans for a potential April 2029 transaction to institutional and New Zealand retail investors by syndication. Full details of the transaction are expected to be released in the week beginning 19 August and an investor call will take place on 20 August.
