News
On 21 November, Bendigo and Adelaide Bank (BEN) (BBB+/A3/A-) mandated ANZ, National Australia Bank, Nomura and Westpac Institutional Bank for an Australian dollar denominated 10-year non-call five-year (10NC5) tier-two floating-rate deal. The transaction is expected to be rated BBB-/Baa3/BBB+ and will launch in the near future.
On 21 November, Pepper Group (Pepper) began taking indications of interest for the Class A1-a, Class A2 and Class B notes of its residential mortgage-backed securities (RMBS) transaction, PRS 22. The structure may also include an Australian dollar denominated A1-Ga tranche backed by green mortgages, subject to sufficient demand.
On 20 November, Metro Finance began taking indications of interest for its potential A$300 million (US$218.8 million) automobile and equipment asset-backed securities (ABS) transaction, Metro 2018-2.
On 20 November, HSBC New Zealand (HSBC NZ) (AA-/Aa3) launched a minimum NZ$100 million (US$68.4 million) three-year domestic floating-rate note (FRN) transaction, led by BNZ, HSBC and Westpac Banking Corporation New Zealand Branch. Initial price guidance is 77-80 basis points over three-month bank bills and pricing is expected on or before 21 November.
On 19 November, Westpac Banking Corporation (Westpac) completed the bookbuild for its additional tier-one (AT1) capital transaction, Westpac Capital Notes 6. The margin has been set at 370 basis points over three-month bank bills, the tight end of a 20 basis point marketing range.
On 19 November, University of Sydney (Aa1) launched a new, benchmark 25-year domestic deal, with an indicative yield of 4.5 per cent. Pricing is expected on the day of launch, according to lead managers ANZ and National Australia Bank.
Christchurch City Holdings (Christchurch) (A+ by S&P) launched a NZ$100-150 million (US$68.6-102.9 million) six-year domestic deal on 19 November. The forthcoming deal has an indicative margin of 85-95 basis points over swap, with the margin and interest rate to be set following a bookbuild scheduled for 21 November. Arranger and lead manager is Westpac Banking Corporation New Zealand Branch. ANZ is also a lead manager.