News
New analysis from S&P Global Ratings (S&P) predicts further consolidation within the mutual sector. This consolidation should see greater capital-markets activity from the sector thanks to greater entity scale and expansion of the range of funding tools available to mutual banks.
BOC Aviation (A- by S&P) launched a new, 10-year, Australian dollar denominated EMTN transaction, on 4 July. The forthcoming transaction has indicative price guidance of 178 basis points area over semi-quarterly swap and is expected to price on the day of launch, according to sole lead manager Westpac Institutional Bank.
On 4 July, Motor Trade Finance (MTF) mandated Commonwealth Bank of Australia and Westpac New Zealand to arrange a series of investor meetings in the week commencing 22 July regarding a potential auto asset-backed securities (ABS) deal.
GPT Funds Management (GPT Funds) (A- by S&P) launched a new, a minimum A$100 million (US$70.3 million), 6.5-year, Australian dollar denominated transaction, on 4 July. Indicative price guidance for the forthcoming transaction is 140 basis points area over semi-quarterly swap with pricing expected in the near future, according to joint lead managers ANZ and Commonwealth Bank of Australia.
On 4 July, ME Bank (BBB/Baa1) launched a new, three-year, Australian dollar denominated benchmark senior-unsecured floating-rate note (FRN) transaction. Indicative price guidance for the forthcoming deal is 105 basis points area over three-month bank bills, according to joint lead managers ANZ and National Australia Bank. The transaction is expected to price on the day of launch.
