News
On 11 September, Westpac Banking Corporation (Westpac) (AA-/Aa3/AA-) launched a new, self-led one-year domestic deal with indicative price guidance of 37 basis points area over three-month bank bills. Pricing is expected on the day of launch.
Toronto Dominion Bank (TD Bank) (AA-/Aa1) launched a benchmark Australian dollar denominated, three-year Kangaroo transaction on 11 September, to come in either or both fixed- and floating-rate formats. The forthcoming deal has indicative price guidance of 75 basis points area over swap benchmarks, with pricing expected on or before 12 September.
RedZed Lending Solutions (RedZed) launched its residential mortgage-backed securities (RMBS) transaction, RedZed Trust Series 2018-1, on 11 September. The forthcoming deal has indicative total volume of A$375 million (US$266.8 million) and is expected to price on or before 13 September.
On 11 September, South Australian Government Financing Authority (SAFA) (AA/Aa1) launched syndicated increases for up to A$500 million (US$355.5 million) in each of its September 2022 and July 2026 select lines. The September 2022 tap has indicative price guidance of 40-42 basis points over EFP, equivalent to 36.75-38.75 basis points over Australian Commonwealth government bond (ACGB). The July 2026 tap is being marketed at 36-38 basis points over EFP and 48-50 basis points over ACGB.
On 11 September, New South Wales Treasury Corporation (TCorp) (AAA/Aaa) launched a new, minimum A$50 million (US$35.5 million) syndicated transaction, due March 2034. Indicative price guidance for the forthcoming deal is 46 basis points area over Australian Commonwealth government bond. Pricing is expected on the day of launch, according to lead manager J.P. Morgan.
On 11 September, AT&T (BBB/Baa2/A-) mandated Commonwealth Bank of Australia, Deutsche Bank, Mizuho Securities and TD Securities to arrange a fixed-income investor call, with an Australian dollar denominated deal to potentially follow. The call will take place on 12 September.
On 11 September, GPT RE, the responsible entity for General Property Trust (GPT) (A/A2), began taking indications of interest for a minimum A$100 million (US$71.1 million) six-year transaction. The potential deal has initial price guidance of 135 basis points area over swap benchmarks and is expected to launch in the near future.
On 10 September, Credit Union Australia (CUA) mandated ANZ, Macquarie Bank, National Australia Bank and Westpac Institutional Bank to engage investors regarding its Harvey residential mortgage-backed securities (RMBS) programme, with a transaction to potentially follow.
On 10 September, Heathrow Funding (A-/A-), the financing arm of Heathrow Airport, mandated Commonwealth Bank of Australia and National Australia Bank to arrange a series of fixed-income investor meetings regarding a possible benchmark Australian dollar denominated deal off the issuer’s EMTN programme. The meetings will take place in Australia and Asia, commencing 17 September.
Summerset Group Holdings (Summerset) launched a NZ$75-100 million (US$49-65.3 million), seven-year bond offer on 10 September. The deal is open to New Zealand institutional and retail investors, with indicative price guidance of 165-175 basis points over mid swap. The final margin and interest rate will be determined following a bookbuild process on 14 September, when the offer is expected to close.
On 10 September, MUFG Bank Sydney Branch (MUFG Sydney) (A/A1) began taking indications of interest for a potential Australian dollar denominated, three-year domestic deal. Initial price guidance for the transaction, which is expected to launch in the near future, is 88 basis points area over swap benchmarks.
On 10 September, Property for Industry (PFI) revealed plans for a possible New Zealand dollar denominated, seven-year bond offer to domestic institutional and retail investors. Westpac Banking Corporation New Zealand Branch is arranger for the transaction, and joint lead manager alongside Deutsche Craigs and Forsyth Barr.