News
On 2 August, Flexigroup began marketing its new asset-backed securities (ABS) deal under its Q Card Trust programme. The forthcoming transaction has indicative volume of NZ$250 million (US$163.6 million), including the refinance of NZ$136.25 million maturing notes, and is expected to launch in the week beginning 5 August. Westpac New Zealand is arranger for the deal and joint lead manager alongside BNZ.
On 1 August, QIC Shopping Centre Fund (A- by S&P) mandated a 6-7 year, minimum A$150 million (US$102.7 million) green-bond deal via Commonwealth Bank of Australia and National Australia Bank (NAB). NAB is acting as green-bond arranger.
On 1 August, Lloyds Bank (Lloyds) (A+/Aa3/A+) launched an operating-company (opco) benchmark three-year Kangaroo deal. The forthcoming transaction will come in either or both fixed- and floating-rate formats and has indicative price guidance of 90 basis points area over swap benchmarks.
On 1 August, Motor Trade Finance (MTF) began taking indications of interest for a Rambler Trust 2019 New Zealand dollar denominated asset-backed securities (ABS) deal. The potential deal has indicative total volume of NZ$280 million (US$183.4 million). Commonwealth Bank of Australia and Westpac New Zealand are arrangers and joint lead managers.
Supportive lenders, a commitment to high standards of governance from day one and appetite for high-quality assets have allowed Brighte to fast-track a public capital-markets debut that now looks likely to happen in 2020. The company has committed to provide green securities to the securitisation market and is exploring options for certification and assessment of its asset pool.
National Australia Bank (NAB) made its first move towards filling its total loss-absorbing capacity (TLAC) tier-two requirement on 29 July, pricing a US dollar transaction which deal sources say maintained the momentum of recent predecessors. NAB’s callable structure also prompted particularly strong demand from investors in Asia, where appetite for spread product continues to build.
On 31 July, Macquarie Bank (A/A2/A) launched a new five-year, Australian dollar denominated benchmark deal, offered in either or both fixed- and floating-rate formats. Indicative price guidance for the forthcoming transaction, which is expected to price the day after launch, is 83 basis points area over swap benchmarks. ANZ, Bank of China, Commonwealth Bank of Australia, Macquarie Bank, National Australia Bank and Westpac Institutional Bank are leading.