News
On 1 November, NWB Bank (AAA/Aaa) launched an indicative A$15 million (US$10.7 million) increase to its May 2029 Kangaroo bond. The forthcoming deal is being marketed at 52 basis points area over semi-quarterly swap, equivalent to 60.5 basis points area over Australian Commonwealth government bond. Pricing is expected on the day of launch, according to lead manager Mizuho Securities.
On 1 November, Lendlease Group (Lendlease) (Baa3/BBB-) began taking indications of interest for a new, Australian dollar denominated domestic deal. The potential transaction will include 5.5- and 10-year tranches, with initial price guidance of 200-210 basis points and 250-260 basis points over semi-quarterly swap respectively.
On 1 November, Commonwealth Bank of Australia (CommBank) launched its CommBank PERLS XI Capital Notes (PERLS XI) offer. The new, tier-one hybrid deal is expected to raise A$750 million (US$530.7 million), with the ability to take more or less. The deal is callable on 26 April 2024 and has a mandatory exchange date of 26 April 2026.
National Australia Bank (NAB) (AA-/Aa3/AA-) launched a self-led, minimum A$250 million (US$176.9 million) tap of its September 2023 domestic floating-rate note (FRN) on 1 November. Indicative price guidance for the forthcoming deal is 93 basis points over three-month bank bills, with pricing expected on the day of launch.
On 1 November, South Australian Government Financing Authority (SAFA) revealed its intention to undertake a syndicated increase of its May 2028 select line during the first half of November. The transaction will be for up to A$1 billion (US$707.6 million) and will be led by Commonwealth Bank of Australia, Citi, RBC Capital Markets and Westpac Institutional Bank.
On 31 October, Bank of New Zealand (BNZ) revealed plans to meet domestic debt investors in the week commencing November 5. A capital markets transaction may follow.
On 30 October, NWB Bank (AAA/Aaa) launched a minimum A$15 million (US$10.6 million) increase to its May 2029 Kangaroo bond, via Nomura. Indicative price guidance for the forthcoming deal is 52 basis points area over semi-quarterly swap, equivalent to 61 basis points area over Australian Commonwealth government bond.
Late in the Sydney day on 29 October, Pepper Group (Pepper) revealed plans to hold investor meetings in Australia and Europe regarding a potential nonconforming residential mortgage-backed securities (RMBS) transaction. The possible deal will be denominated in Australian dollars, US dollars and euros in 144A and Reg S formats. The euro tranche and potentially an Australian dollar tranche will be backed by green mortgages.