News
On 9 November, Lendlease revealed it has decided not to proceed with a A$500 million (US$362.6 million) dual-tranche domestic deal priced on 2 November and due to settle on 9 November. In the announcement, joint lead managers ANZ, HSBC and Westpac Institutional Bank disclosed that Lendlease had taken the decision after making a public announcement regarding “further identified underperformance in the financial position of its engineering and services businesses”.
BNG Bank (AAA/Aaa/AA+) launched a minimum A$25 million (US$18.1 million) tap of its April 2029 Kangaroo bond on 9 November, via ANZ. The forthcoming deal is being marketed at 52 basis points area over semi-quarterly swap, equivalent to 62.5 basis points area over Australian Commonwealth government bond. Pricing is expected on the day of launch.
On 9 November, Westpac Banking Corporation (Westpac) (AA-/Aa3/AA-) revealed it is considering a new, Australian dollar denominated additional tier-one (AT1) capital transaction. ANZ, Commonwealth Bank of Australia, J.P. Morgan, Morgans, National Australia Bank, UBS and Westpac Institutional Bank have been mandated for the potential deal and will arrange a domestic roadshow.
On 9 November, Commercial Bank of Qatar (Commercial Bank) (BBB+/A3/A) mandated ANZ and Bank of America Merrill Lynch to organise fixed-income investor meetings in Australia and Asia, regarding a potential Kangaroo transaction. The meetings will commence in the week beginning 19 November.
Late in the Sydney day on 8 November, Asian Development Bank (ADB) (AAA/Aaa/AAA) launched a minimum A$100 million (US$72.5 million) increase to its June 2029 Kangaroo bond. The forthcoming transaction has indicative price guidance of 40 basis points area over semi-quarterly swap, equivalent to 50.75 basis points area over Australian Commonwealth government bond.
On 8 November, Westpac Banking Corporation (Westpac) (AA-/Aa3/AA-) launched a new, benchmark, domestic transaction, comprised of three- and five-year tranches. The three-year floating-rate note tranche has indicative price guidance of 74 basis points area over three-month bank bills, while the five-year tranche will come in either or both fixed- and floating-rate format and is being marketed at 96 basis points area over swap benchmarks. The self-led deal is expected to price on the day after launch.