News
Canadian Imperial Bank of Commerce Australian Branch (CIBC Australia) (A+/Aa2/AA-) mandated a potential one-year domestic senior benchmark deal on 7 February. The notes will not be subject to Canadian bail-in rules implemented in September 2018.
On 7 February, Westpac New Zealand (Westpac NZ) (AA-/A1/AA-) launched a minimum NZ$100 million (US$68.3 million) three-year domestic deal to retail and institutional investors. The self-led transaction has an indicative margin of 85 basis points area over bank bills, with pricing due the day after launch.
On 6 February, Westpac Banking Corporation (Westpac) revealed plans to engage with investors on a new, funding-only, Australian dollar denominated residential mortgage-backed securities (RMBS) transaction under its WST RMBS programme. Westpac Institutional Bank is arranging the meetings and forthcoming deal.
NWB Bank (AAA/Aaa) launched a minimum A$15 million (US$10.7 million) tap to its May 2029 Kangaroo on 6 February via Daiwa Capital Markets. The increase has price guidance of 57 basis points area over semi-quarterly swap and 68.25 basis points area over Australian Commonwealth government bond, and is expected to price the same day as launch.
EUROFIMA (AA+/Aa2) mandated a minimum A$25 million (US$18.1 million) increase to its May 2029 Kangaroo bond on 6 February. The increase is being marketed at 62 basis points area over swap or 74 basis points area over Australian Commonwealth government bond and will price the same day as launch via Nomura.
On 4 February Trustpower (NR) revealed plans for a NZ$75-100 million (US$51.7-69 million) 10-year fixed-rate bond, targeted at New Zealand institutional and retail investors under same-class exemption.The bonds will have an interest rate that will be fixed for the first five years and resets for a further period of five years. Full details of the offer will be released during the week beginning 11 February, when the offer is expected to open.
ANZ Banking Group printed a jumbo A$4.1 billion (US$3 billion) three- and five-year domestic deal and Queensland Treasury Corporation syndicated A$1.25 billion in a new four-year floating rate note in the final week of January. Meanwhile, South Australian Government Financing Authority revealed its intentions to launch a new 2030 select line in the coming weeks.