News
On 11 February, Contact Energy (Contact) (BBB by S&P) revealed it is considering a green-bond transaction to institutional and New Zealand retail investors. Full details for the expected 5.5-year deal will be released in the week beginning 18 February. ANZ, BNZ and Deutsche Craigs are joint lead managers.
On 11 February, Trustpower launched a NZ$75-100 million (US$50.6-67.4 million) resetting 10-year transaction. The transaction will have an initial interest rate set for the first five-year period and will then reset. The forthcoming deal has an indicative margin of 190-205 basis points over mid swap, with the final margin to be revealed at the completion of a bookbuild, set for 15 February.
Westpac New Zealand printed a NZ$400 million (US$270.2 million) three-year domestic deal while Q Card Trust refinanced three asset-backed securities tranches in New Zealand during the first full week of February. The Chinese Lunar New Year holidays kept deal flow in Australia limited to a handful of domestic and Kangaroo increases.
On 8 February, Stockland Trust Management (Stockland) (A-/A3) announced the results of the consent solicitation process on its A$150 million (US$106.9 million) September 2019, A$160 million November 2020 and A$250 million November 2022 notes.
NWB Bank (AAA/Aaa) launched a tap of its May 2029 Kangaroo on 8 February via Daiwa Capital Markets. The forthcoming deal has price guidance of 57 basis points area over semi-quarterly swap.
BNG Bank (AAA/Aaa/AA+) launched a minimum A$25 million (US$17.7 million) tap to its April 2029 Kangaroo on 8 February, with price guidance of 55 basis points over semi-quarterly swap. Daiwa Capital Markets is leading.
Commonwealth Bank of Australia (CommBank) is taking indications of interest on the A3-R refinancing of the A$300 million (US$213.2 million) Medallion 2014-1 class A3 note. Indicative price guidance is 105 basis points area over one-month bank bills with the capped residential mortgage-backed securities (RMBS) transaction under the Medallion programme expected to launch and price, subject to market conditions and investor demand, via CommBank.