News
On 19 July, Pepper Group (Pepper) began taking indications of interest for its residential mortgage-backed securities (RMBS) transaction, PRS 21. The deal will include the US dollar denominated Class A1-u notes and may launch as early as the week beginning 23 July.
On 18 July, Royal Bank of Canada Sydney Branch (RBC Sydney) (AA-/Aa2/AA) launched a benchmark three-year domestic deal, to come in either or both fixed- and floating-rate formats. Indicative price guidance for the forthcoming deal is 77 basis points area over swap benchmarks. Pricing is expected on the day of launch.
On 17 July, International Finance Corporation (IFC) (AAA/Aaa) launched a new, short 11-year Kangaroo bond. The forthcoming deal has indicative price guidance of 41 basis points area over semi-quarterly swap and 54.5 basis points area over Australian Commonwealth government bond. Pricing is expected on the day after launch according to lead managers Nomura, RBC Capital Markets and TD Securities.
On 17 July, United Overseas Bank Sydney Branch (UOB Sydney) (AA-/Aa1/AA-) launched a benchmark 3.5-year senior-unsecured domestic deal. The forthcoming transaction will come in either or both fixed- and floating-rate formats and is being marketed at 83 basis points area over swap benchmarks.
Debt-market-relevant institutions are increasingly integrating the UN sustainable development goals (SDGs) into their sustainability agendas, with potential consequences for green and social funding. The critical role of the SDGs is to provide a common language for capital-markets participants to assess impact.
Inter-American Development Bank (IADB) (AAA/Aaa/AAA) launched a minimum A$150 million (US$111.4 million) increase to its May 2023 Kangaroo bond on 16 July. The forthcoming transaction has indicative price guidance of 35 basis points area over semi-quarterly swap, equivalent to 41 basis points area over Australian Commonwealth government bond.