News
On 5 September, Suncorp-Metway (Suncorp) (A+/A1) began taking indication of interest for a new, Australian dollar denominated five-year covered bond deal. The transaction will come in either or both fixed- and floating-rate formats and has initial price guidance of 80 basis points area over swap benchmarks.
Treasury Corporation of Victoria (TCV) (AAA/Aaa) launched a syndicated increase to its October 2028 line on 5 September. Indicative price guidance for the forthcoming deal is 35-37 basis points area over the 10-year futures contract and 35-37 basis points area over Australian Commonwealth government bond. Pricing is expected on the day after launch, according to lead managers ANZ, Citi and UBS.
On 5 September, RedZed Lending Solutions (RedZed) began taking indications of interest for its potential residential mortgage-backed securities (RMBS) transaction, RedZed 2018-1. Commonwealth Bank of Australia is arranger for the deal, and lead manager alongside National Australia Bank.
KangaNews and RBC Capital Markets hosted their annual roundtable for heads of funding at Australia’s big-four banks in Melbourne on 13 August. After an almost unprecedented period of benign market conditions, 2018 has posed new challenges and seen execution risk back on the table. The issuers acknowledge the revived headwinds but say they are well-placed to navigate them.
On 5 September, following the release of the South Australian state budget, South Australian Government Financing Authority (SAFA) revealed indicative gross funding requirement for 2018/19 of A$5.9 billion (US$4.3 billion).
On 5 September, Toyota Finance New Zealand (Toyota NZ) (AA-/Aa3) launched an indicative NZ$100 million (US$65.3 million) five-year domestic deal. Indicative price guidance for the forthcoming transaction is 90 basis points area over mid swap. Pricing is expected on or before 6 September, according to sole lead manager ANZ.
On 5 September, Treasury Corporation of Victoria (TCV) (AAA/Aaa) mandated ANZ, Citi and UBS as lead managers for a syndicated benchmark increase to its October 2028 line. The deal is expected to launch and price in the near future.
Kommunalbanken Norway (KBN) launched an increase to its April 2021 Kangaroo bond on 5 September, via Deutsche Bank. The forthcoming deal is being marketed at 34 basis points area over semi-quarterly swap, equivalent to 36.5 basis points area over Australian Commonwealth government bond. Pricing is expected on or before 6 September.
On 5 September, PACCAR Financial (A+ by S&P), which provides financing for heavy-goods vehicles, began taking indications of interest for a new, four-year domestic deal, with initial price guidance of 85-90 basis points area over semi-quarterly swap. The transaction is expected to launch in the near future, according to lead managers ANZ and Westpac Institutional Bank.
On 5 September, Suncorp-Metway (Suncorp) (A+/A1) revealed plans for a new, Australian dollar denominated five-year covered bond transaction, to come in either or both fixed- and floating-rate formats. ANZ, Deutsche Bank, National Australia Bank, RBC Capital Markets and Westpac Institutional Bank have been mandated as joint bookrunners for the transaction.