News
On 30 April, Suncorp-Metway (Suncorp) (A+/A1/A+) launched a benchmark, April 2022, senior-unsecured, domestic floating-rate note (FRN) transaction. The forthcoming deal is expected to price on the day of launch and has indicative price guidance in the area of 74 basis points over three-month bank bills. ANZ, Commonwealth Bank of Australia, National Australia Bank and Westpac Institutional Bank are the joint bookrunners.
Liberty Financial (Liberty) revealed plans for a potential Australian dollar denominated residential mortgage-backed securities (RMBS) transaction, on 29 April. Bank of America Merrill Lynch, Commonwealth Bank of Australia, Deutsche Bank, National Australia Bank and Westpac Institutional Bank have been mandated to engage investors.
International Finance Corporation (IFC) (AAA/Aaa) launched a minimum A$25 million (US$17.6 million) increase to its June 2029 Kangaroo bond, on 29 April. The forthcoming transaction has indicative price guidance of 42 basis points area over semi-quarterly swap, equivalent to 55.25 basis points area over Australian Commonwealth government bond. Pricing is expected on the day of launch, according to sole lead manager TD Securities.
On 29 April, Mortgage House mandated National Australia Bank and Westpac Institutional Bank to engage investors for a prime residential mortgage-backed securities transaction, Mortgage House RMBS Series 2019-1. Fitch Ratings and S&P Global Ratings assigned preliminary ratings for the indicative A$300 million (US$211.6 million) deal earlier the same day.
On 29 April, Fitch Ratings and S&P Global Ratings assigned preliminary ratings to a debut residential mortgage-backed securities (RMBS) deal, Mortgage House RMBS Series 2019-1. The transaction has indicative total volume of A$300 million (US$211.5 million). KangaNews understands National Australia Bank and Westpac Institutional Bank have been appointed as joint lead managers.
On 26 April, Pepper Group (Pepper) revealed plans for a potential nonconforming residential mortgage-backed securities (RMBS) transaction, including Australian dollar, euro and US dollar tranches in 144A and Reg-S formats. The euro tranche will be exclusively backed by green mortgages.
On 29 April, Suncorp-Metway (Suncorp) (A+/A1/A+) revealed plans for a new, three-year, domestic floating-rate note (FRN) transaction. The deal is expected to launch as early as 30 April and is being marketed in the area of 74 basis points over three-month bank bills. ANZ, Commonwealth Bank of Australia, National Australia Bank and Westpac Institutional Bank have been appointed joint bookrunners.
The fourth week of April was interrupted by the Easter long weekend and Anzac Day public holidays in Australasia and was virtually silent for new issuance as a result. Two small Kangaroo taps were the extent of Australian deal activity and the New Zealand market saw no new transactions at all.
A changing business profile, including a higher proportion of commodity-sales income, led Mineral Resources to undertake its first-ever debt capital markets transaction in the US dollar high-yield market, according to the issuer. The deal serves to reset the issuer’s capital structure better to match its long-term assets.
On 24 April, Firstmac revealed plans to meet investors, regarding a potential new Australian dollar denominated residential mortgage-backed securities (RMBS) deal. ANZ, J.P. Morgan, National Australia Bank, Standard Chartered Bank, United Overseas Bank and Westpac Institutional Bank have been mandated to arrange the meetings, beginning 6 May in Australia, followed by Tokyo, London and Singapore.