News
Asian Development Bank (ADB) (AAA/Aaa/AAA) launched a new, minimum NZ$100 million (US$68 million) seven-year Kauri transaction on 4 April. The forthcoming deal has indicative price guidance of 43 basis points area over mid-swap. Pricing is expected on the day after launch, according to joint lead managers ANZ and TD Securities.
On 4 April, Edith Cowan University (ECU) (Aa2) launched a new, 10-year, maximum A$120 million (US$85.4 million) domestic transaction. The forthcoming deal has indicative price guidance of 100 basis points area over semi-quarterly swap. The deal is expected to price the day of launch, according to joint lead managers Commonwealth Bank of Australia and National Australia Bank.
La Trobe Financial began taking indications of interest for its proposed residential mortgage-backed securities (RMBS) deal, La Trobe Financial Capital Markets Trust 2019-1 on 3 April. The transaction is expected to launch and price in the week commencing 8 April. The issuer mandated Commonwealth Bank of Australia, HSBC, Macquarie Bank, National Australia Bank, Natixis and United Overseas Bank for the potential transaction on 13 March.
On 3 April, Pepper Group (Pepper) began taking indications of interest for its potential residential mortgage-backed securities (RMBS) transaction, Pepper I-Prime 2019-1. The deal is capped at A$750 million (US$532.5 million) and is expected to launch and price in the week beginning 8 April, according to National Australia Bank.
On 3 April, BWP Management, the responsible entity for BWP Trust (A-/A3), launched a new, seven-year, Australian dollar denominated benchmark transaction. The forthcoming deal has indicative price guidance of 160 basis points area over semi-quarterly swap. Commonwealth Bank of Australia and Westpac Institutional Bank have been appointed joint lead managers, with pricing expected on or before 4 April.
A day after the 2 April presentation of the Australian federal government’s budget for 2019/20, the Australian Office of Financial Management (AOFM) revealed that is expects to issue A$58 billion (US$41 billion) of Treasury bonds in the coming financial year – up by A$4 billion on 2018/19. At the same time, the government debt-management agency plans to issue just A$2.5 billion of inflation-linked bonds in 2019/20 – down from A$5.9 billion this year.
Toyota Finance Australia (Toyota Australia) priced its largest-ever euro deal on 1 April. The issuer says an increased funding task since entering into a global partnership with Mazda Motor Corporation is leading it to lean more on offshore markets and is also seeing it consider public issuance in alternative asset classes.
On 2 April, Australian Finance Group (AFG) launched its A$350-500 million (US$248.5-355.1 million) residential mortgage-backed securities (RMBS) deal, AFG 2019-1 trust. The deal is expected to price on or before 5 April, according to National Australia Bank which is sole arranger and joint lead manager alongside ANZ and United Overseas Bank.
On 2 April, Bluestone Group (Bluestone) launched its residential mortgage-backed securities (RMBS) deal, Sapphire 2019-1. The forthcoming transaction is capped at A$400 million (US$284.5 million) and is expected to price on or before 4 April. National Australia Bank is arranger for the transaction, as well as joint lead manager alongside Commonwealth Bank of Australia, Deutsche Bank and Macquarie Bank.
On 1 April, S&P Global Ratings assigned preliminary ratings to La Trobe Financial's proposed nonconforming residential mortgage-backed securities (RMBS) deal, La Trobe Financial Capital Markets Trust 2019-1. The issuer mandated Commonwealth Bank of Australia, HSBC, Macquarie Bank, National Australia Bank, Natixis and United Overseas Bank for the potential transaction on 13 March.