News
On 11 April, Province of Quebec (Quebec) (AA-/Aa2/AA-) launched a new, indicative A$65 million (US$46.6 million) Kangaroo bond, due October 2029, via RBC Capital Markets and TD Securities. The forthcoming deal is being marketed in the area of 62 basis points over semi-quarterly swap and 80 basis points over Australian Commonwealth government bond. Pricing is expected on the day of launch.
Woolworths Group (Woolworths) (BBB/Baa2) launched a new, five-year, benchmark green-bond transaction on 11 April. The forthcoming deal will come in either or both fixed- and floating-rate format and has indicative price guidance of 130-135 basis points area over swap benchmarks. Pricing is expected on or before 12 April, according ANZ, which is green bond advisor as well as joint lead manager with Citi and J.P. Morgan. According to a Woolworths press release on 10 April, the deal will be the first green bond from a supermarket globally and will “support the financing of projects, assets or expenditure that will deliver positive environmental outcomes and are aligned with the Green Bond Principles".
On 11 April, Société Générale (SocGen) (A/A1/A) launched a new, 15-year non-call 10-year, Australian dollar denominated tier-two benchmark EMTN transaction. The forthcoming deal has an indicative coupon in the area of 4.5 per cent and is expected to price on the day of launch.
Suncorp-Metway (Suncorp)’s first 144A/Reg S deal since November 2017 attracted a meaningful oversubscription and significant price tightening, despite competing for demand in a busy market. Furthermore, leads and issuer say the level of participation from Asian accounts was a positive.
On 10 April, Toyota Finance New Zealand (Toyota New Zealand) (AA-/Aa3) revised the price guidance for its five-year domestic deal to 83-88 basis points area over mid swap, having launched earlier the same day with an indicative margin of 82-92 basis points area over mid swap. The book is close to the NZ$100 million (US$67.5 million) indicative volume announced at launch, according to lead manager ANZ. Pricing is expected on 11 April.
