News
On 3 June, Metro Finance mandated National Australia Bank to arrange a series of investor meetings commencing 11 June in Australia and New Zealand, regarding an auto and equipment asset-backed securities (ABS) transaction.
On 3 June, AMP Bank launched its residential mortgage-backed securities (RMBS) deal, Progress 2019-1 Trust. The forthcoming transaction has indicative total volume of A$750 million (US$520 million), with the potential to upsize. Pricing for the deal is expected on or before 6 June. National Australia Bank is arranger and joint lead manager alongside ANZ, Commonwealth Bank of Australia, Deutsche Bank and MUFG Securities.
On 3 June, NEXTDC (NR) launched an aggregate A$150-200 million (US$104-138.6 million) tap to either or both of its fixed- and floating-rate June 2022 notes. The fixed-rate notes have an indicative yield of 4.918 per cent, while the floating-rate note tap is being marketed at 375 basis points area over three-month bank bills. National Australia Bank is sole lead arranger and bookrunner.
On 3 June, Bendigo and Adelaide Bank (BEN) launched its prime residential mortgage-backed securities (RMBS) deal, Torrens 2019-1. The forthcoming transaction has an indicative minimum total volume of A$500 million (US$346.6 million) and is expected to price on or before 7 June. National Australia Bank is arranger for the transaction and joint lead manager alongside ANZ, Deutsche Bank, Macquarie Bank and Westpac Institutional Bank.
The final week of May saw the return of Kangaroo supranational, sovereign and agency sustainability issuance. European Investment Bank printed A$400 million (US$276.3 million) in a long five-year climate-awareness bond while BNG Bank priced an upsized A$300 million, long six-year sustainability bond. Elsewhere, ME Bank printed A$1.75 billion in its SMHL 2019-1 residential mortgage-backed securities (RMBS) deal.
Svenska Handelsbanken prioritised spread over volume in its Kangaroo return on 22 May, deal sources suggest, with pricing within its global curve a clear priority. The transaction is also the first financial-institution Kangaroo deal to print in 2019. Leads say this is because of favourable funding conditions globally and a range of available issuance formats.
On 30 May following the release of the New Zealand budget, New Zealand Debt Management (NZDM) revealed a NZ$10 billion (US$6.5 billion) borrowing requirement for the 2019/20 financial year. The programme is NZ$2 billion higher than forecast at the half-year economic and fiscal update (HYEFU) in December 2018.
On 30 May, Bendigo and Adelaide Bank (BEN) began taking indications of interest for its new residential mortgage-backed securities (RMBS) deal, Torrens Series 2019-1. The forthcoming transaction is expected to launch in the week commencing 3 June and has indicative total volume of A$500 million (US$346 million). National Australia Bank is arranger for the transaction and joint lead manager alongside ANZ, Deutsche Bank, Macquarie Bank and Westpac Institutional Bank.
The Australian Office of Financial Management (AOFM) issued a new line by tender on 29 May. A lower net-new-issuance requirement has allowed the sovereign borrower to weight its issuance strategy towards tenders this financial year, only using syndication to debut a new 2041 nominal bond and a 2050 inflation-indexed bond.