News
On 8 March, Macquarie Bank (Macquarie) began taking indications of interest for its asset-backed securities (ABS) transaction, SMART ABS Series 2019-1. The deal is likely to be upsized to A$1 billion (US$701.5 million), with A$500 million preplaced but subject to final approval. The transaction is likely to launch on 11 March, and price on 15 March according to Macquarie.
On 8 March, Housing New Zealand (Housing NZ) announced it has developed a sustainability financing framework, which enables it to issue green, social and sustainability bonds to support the financing of its state housing build programme. The framework has been developed to align with International Capital Market Association green bond principles, social bond principles, sustainability bond guidelines and Loan Market Association green lending principles.
MUFG Bank Sydney Branch (MUFG Sydney) priced the largest-ever single-tranche deal from a Japanese bank in the Australian market on 5 March. A number of factors contributed to this outcome, sources say, but the void left in operating company (opco) issuance by international banks as they move to a holding company (holdco) structure was a particular driver.
ANZ New Zealand (ANZ) (AA-/A1/AA-) revealed on 8 March that it is considering an up to NZ$100 million (US$67.5 million), with the ability to accept unlimited oversubscriptions, five-year, fixed-rate, self-led domestic deal targeted at institutional and New Zealand retail investors. The offer, which will be made under same-class exemption rules, is expected to open on 11 March.
On 8 March, Dunedin City Treasury (AA by S&P) launched a seven-year, NZ$50 million (US$33.8 million) fixed-rate domestic deal to New Zealand institutional investors. The forthcoming transaction has an indicative margin of 75-80 basis points over mid swap and is expected to price the day of launch, according to lead manager ANZ.
On 7 March, Swedish Export Credit Corporation (SEK) (AA+/Aa1) launched a minimum A$15 million (US$10.6 million) increase to its September 2028 Kangaroo bond. The forthcoming transaction has indicative price guidance of 52 basis points area over semi-quarterly swap, equivalent to 62.8 basis points area over Australian Commonwealth government bond. Pricing is expected on the day of launch, according to lead manager HSBC.