News
The first week of September was highlighted in Australia by an A$850 million (US$609.2 million) syndicated tap of Treasury Corporation of Victoria's October 2028 line, and Suncorp-Metway's A$750 million five-year covered bond deal. Meanwhile, Australian Office of Financial Management revealed plans to issue an inflation-linked bond, due February 2050, via syndication.
On 7 September, Australian Office of Financial Management (AOFM) (AAA/Aaa/AAA) revealed plans to issue a new treasury indexed bond (TIB), due February 2050, in the week commencing 17 September. Bank of America Merrill Lynch, Citi, Deutsche Bank, UBS and Westpac Institutional Bank will be joint lead managers for the transaction.
Suncorp-Metway (Suncorp) (A+/A1) launched a new, Australian dollar denominated, five-year covered-bond deal on 6 September. The transaction, which will be rated Aaa/AAA, will come in either or both of fixed- and floating-rate formats and is being marketed in the area of 77-79 basis points over swap benchmarks.
On 6 September, PACCAR Financial (A+ by S&P), which provides financing for heavy-goods vehicles, launched a new, four-year domestic deal, with initial price guidance in the area of 85-90 basis points over semi-quarterly swap. The transaction, which is for minimum volume of A$100 million (US$71.9 million) is expected to price on the same day as launch, according to lead managers ANZ and Westpac Institutional Bank.
After delivering his keynote address at the sixth annual KangaNews New Zealand Debt Capital Markets Summit in Auckland on 8 August, Grant Robertson, New Zealand’s finance minister, shared thoughts on his government’s economic plans and the role of the financial sector.
On 6 September, Toyota New Zealand (Toyota NZ) (AA-/Aa3) revised price guidance for its capped NZ$100 million (US$65.9 million) five-year domestic deal to 87-90 basis points over mid swap. The deal is expected to price in the New Zealand afternoon on 6 September, according to lead manager ANZ.
On 5 September, Lonsdale Finance, the financing arm of Port of Melbourne (Baa2/BBB), mandated ANZ and National Australia Bank to arrange a series of fixed-income investor meetings regarding a potential Australian dollar denominated senior-secured transaction. The meetings will take place in Australia and Asia, commencing in the week beginning 17 September.