News
The second week of March saw New Zealand Local Government Funding Agency price a NZ$1 billion (US$683.4 million) five-year transaction in the largest-ever nonsovereign syndication in New Zealand. Meanwhile, corporate activity continued in the Australian market, with deals from Stockland Trust Management and ConnectEast Finance.
On 15 March, Treasury Corporation of Victoria (TCV) (AAA/Aaa) revealed plans for a new, October 2029, Australian dollar denominated syndicated benchmark transaction. The deal is expected to launch in the near future, according to joint lead managers Commonwealth Bank of Australia, Deutsche Bank, UBS and Westpac Institutional Bank.
On 15 March, Coöperatieve Rabobank Australia Branch (Rabobank Australia) (A+/Aa3/AA-) launched a minimum A$300 million (US$212.1 million) 3.5-year domestic deal, to come in either or both fixed- and floating-rate formats. The forthcoming transaction has indicative price guidance of 80-82 basis points area over swap benchmarks and is expected to price on the day of launch. ANZ, TD Securities, UBS and Westpac Institutional Bank are joint lead managers.
On 14 March, ConnectEast Finance (ConnectEast) (Baa2) launched a new, seven-year, Australian dollar denominated senior-secured benchmark transaction. The forthcoming deal has indicative price guidance of 155-160 basis points area over semi-quarterly swap. Pricing is expected on the day after launch, according to joint lead managers Commonwealth Bank of Australia and National Australia Bank.
On 14 March, Coöperatieve Rabobank Australia Branch (Rabobank Australia) (A+/Aa3/AA-) mandated a 3.5-year domestic senior-unsecured benchmark deal in either or both of fixed- and floating-rate formats. Initial price guidance is 83 basis points area over swap benchmarks with launch, via ANZ, TD Securities, UBS and Westpac Institutional Bank, expected in the near future.
On 14 March, ANZ New Zealand (ANZ NZ) (AA-/A1/AA-) revised the price guidance for its self-led, five-year, indicative NZ$100 million (US$68 million) transaction to 105-108 basis points area over mid swap, having launched with a guidance range of 105-110 basis points area on 11 March. Final margin and interest rate are expected to be set later today, at the completion of the bookbuild process.