News
On 25 March, Heartland Bank revealed plans for a new, five-year deal to be offered to institutional and New Zealand retail investors. Full details for the potential transaction are expected to be released on 1 April. BNZ is arranger and lead manager alongside Commonwealth Bank of Australia, Deutsche Craigs and Westpac Banking Corporation New Zealand Branch.
Government-sector syndicated issuance was to the fore in the Australian market during the third full week of March, with Treasury Corporation of Victoria pricing a A$2.5 billion (US$1.8 billion) 10-year deal and National Housing Finance and Investment Corporation's inaugural A$315 million 10-year social bond. Insurance Australia Group, meanwhile, priced a A$450 million tier-two deal.
On 22 March, Oesterreichische Kontrollbank (OKB) (AA+/Aa1) launched a minimum A$25 million (US$17.8 million) increase of its November 2028 Kangaroo bond, with indicative price guidance of 52 basis points area over semi-quarterly swap and 61.75 basis points area over Australian Commonwealth government bond. Pricing is expected on the day of launch, according to sole lead TD Securities.
On 22 March, Edith Cowan University (Aa2) revealed plans for a potential new Australian dollar denominated bond transaction. Commonwealth Bank of Australia and National Australia Bank have been mandated to arrange a series of investor meetings in Australia and Hong Kong commencing 28 March.
International Finance Corporation (IFC) (AAA/Aaa) launched a minimum A$25 million (US$17.8 million) increase of its June 2029 Kangaroo bond on 22 March. The forthcoming deal is being marketed at 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 Nomura.
On 21 March, Columbus Capital (Columbus) launched its residential mortgage-backed securities (RMBS) transaction, Triton 2019-2. The deal has indicative volume of A$500 million (US$354.6 million) and the potential to be upsized to A$750 million, with pricing expected on or before 26 March. National Australia Bank is arranger and joint lead manager. SMBC Nikko, Standard Chartered and Westpac Institutional Bank are joint lead managers.