News
On 5 December, Liberty Financial (Liberty) launched its auto asset-backed securities (ABS) transaction, Liberty Series 2018-1 Auto. The forthcoming deal is capped at A$250 million (US$182.6 million) and is expected to price on or before 7 December, according to arranger and lead manager National Australia Bank.
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BNG Bank (AAA/Aaa) launched an indicative A$60 million (US$44.2 million) increase to its July 2028 Kangaroo bond on 4 December. The forthcoming deal is being marketed at 46 basis points area over semi-quarterly swap, equivalent to 50.5 basis points area over Australian Commonwealth government bond, and will price on the same day as launch. Mizuho Securities is leading.
Pepper Group (Pepper)’s latest residential mortgage-backed securities (RMBS) transaction featured two tranches backed by green mortgages, one denominated in euros, and also added a US dollar note. The issuer has a firm commitment to issuing further euro-denominated green tranches, which it hopes will unlock European demand as its funding requirement continues to rise.
On 3 December, Latitude Financial Services (Latitude) launched its minimum NZ$200 million (US$138.2 million) asset-backed securities (ABS) deal, Latitude New Zealand Credit Card Master Trust (CCMT) Series 2018-1. Bank of America Merrill Lynch is arranger for the deal, and joint lead manager alongside Deutsche Bank and Westpac New Zealand.
Latitude Financial Services (Latitude) is preparing a potential debut New Zealand dollar asset-backed securities (ABS) transaction, Latitude New Zealand Credit Card Master Trust (CCMT) Series 2018-1. Expected ratings were assigned by Fitch Ratings on 29 November and KangaNews understands the transaction was mandated on 30 November, with a launch expected in the coming days.
On 3 December, Bank of Queensland (BOQ) (BBB+/A3/A-) launched a 2.25-year domestic floating-rate note (FRN) transaction, with indicative price guidance of 98 basis points area over three-month bank bills. Pricing is expected on the day of launch, according to lead manager National Australia Bank.
On 3 December, Qudos Mutual (BBB- by S&P) mandated Westpac Insitutional Bank to organise a debt investor update call on 4 December, regarding a potential one-year domestic floating-rate note (FRN) transaction.
The final week of November saw multiple securitisation deals, headlined by Pepper Group's A$1.25 billion (US$915 million) equivalent residential-mortgage backed securities transaction which includes euro and US dollar denominated notes as well as green tranches. Meanwhile, ANZ Banking Group priced a A$3.25 billion dual-tranche domestic deal and ING Groep raised A$575 million in a dual-tranche EMTN deal.