News
Firstmac’s third residential mortgage-backed securities (RMBS) deal for 2018 continues the issuer’s strategy of targeting specific jurisdictions with its transactions. The issuer tells KangaNews that demand enabled it to upsize and price competitively despite more challenging market conditions.
On 19 October, Resimac mandated Citi, National Australia Bank and Westpac Institutional Bank to engage investors regarding a possible residential mortgage-backed securities (RMBS) transaction, Premier 2018-2. The potential deal will include tranches denominated in Australian dollars and US dollars in 144A format.
On 19 October, Treasury Corporation of Victoria (TCV) (AAA/Aaa) revealed plans for a new, benchmark three-year bond transaction by syndication. Deutsche Bank, National Australia Bank and Westpac Institutional Bank have been mandated as joint lead managers for the deal, which is expected to launch in the near future.
On 17 October, African Development Bank (AfDB) (AAA/Aaa/AAA) launched a minimum A$25 million (US$17.8 million) increase to its August 2028 Kangaroo, via ANZ. The forthcoming deal has indicative price guidance of 42 basis points area over semi-quarterly swap, equivalent to 47.85 basis points area over Australian Commonwealth government bond. Pricing is expected on the day of launch.
On 17 October, CAF – Development Bank of Latin America (AA-/Aa3/AA-) launched a new, five-year Kangaroo bond transaction. Indicative price guidance for the forthcoming deal is 105-110 basis points area over semi-quarterly swap. Pricing is expected on or before the day after launch, according to joint lead managers ANZ and UBS.
Extending its curve to 10 years was Housing New Zealand (Housing NZ)’s focus in its latest transaction. The issuer says conducive pricing facilitated its curve extension, which takes it into duration territory rarely seen in the New Zealand syndicated market.
On 17 October, Newcastle Permanent Building Society (NPBS) launched a new, indicative A$50 million (US$35.7 million) one-year domestic floating-rate note (FRN) transaction. The forthcoming deal is being marketed at 70 basis points area over three-month bank bills and is expected to price on the day of launch. Commonwealth Bank of Australia is sole lead manager.