News
On 10 July, Mizuho Financial Group (Mizuho) (A-/A1/A-) launched its benchmark Australian dollar-denominated, five-year senior-unsecured SEC-registered transaction. The forthcoming deal, which will come in either or both fixed- and floating-rate formats, is being marketed at 140 basis points area over swap benchmarks.
ANZ Banking Group (ANZ) (AA-/Aa3/AA-) launched a self-led, three-year senior-unsecured benchmark domestic deal on 10 July. Indicative price guidance for the forthcoming transaction is 77 basis points area over swap benchmarks. Pricing is expected on the day of launch.
In the 2018 iteration of the KangaNews Fixed-Income Research Poll, Commonwealth Bank of Australia (CommBank) maintained the dominant position it has established in recent years. The CommBank team sat down with KangaNews to reflect on the market-shaping factors of the past 12 months and to reveal the main watch points.
Engagement with international investors is a significant – and growing – focus for Australian securitisers. The Australian Securitisation Forum’s annual showcase returned to London on 4 June, giving Australian issuers and intermediaries a chance to discuss the state of the local product and market with European investors.
Jackie Trad, Queensland’s deputy premier and treasurer, says building infrastructure to support future growth is a key budget priority. But, she adds, having a sound budgetary base is the only way to deliver what the state needs in a responsible manner.
New South Wales Treasury Corporation (TCorp) revealed a A$6.6 billion (US$4.9 billion) term-funding requirement for the 2018/19 financial year on 19 June, in the wake of the New South Wales (NSW) state budget. Fiona Trigona, head of funding and balance sheet, and Katherine Palmer, senior manager, funding and balance sheet at TCorp in Sydney, lay out the state’s priorities for the coming year – which include a debut sustainability bond.
Tim Pallas, Melbourne-based treasurer of the state of Victoria, has been in the fortunate position of overseeing what is arguably Australia’s best-performing state economy from a budgetary perspective. In the wake of the state’s 2018/19 budget, Pallas discusses Victoria’s infrastructure and operating-cost plans, and how it intends to fund them.
The end of Australia’s resources-sector investment boom was not kind to its most commodities-exposed state, Western Australia (WA). But with a new government in place since 2017, WA’s Perth-based treasurer, Ben Wyatt, is happy to agree with the analyst consensus that the state’s financial situation is now on a positive trajectory.
New Zealand’s semi-government market received a significant boost in the May 2018 budget when the government mandated a further uplift to Housing New Zealand (Housing NZ)’s home-building programme. The agency’s Auckland-based chief executive, Andrew McKenzie, and Wellington-based treasurer, Sam Direen, share insights into the financing mandate, funding strategy and commitment to the New Zealand bond market.
Commonwealth Bank of Australia (CommBank) launched the A$400 million (US$297.6 million) refinancing of its Medallion 2013-2 Class A3-R residential mortgage-backed securities (RMBS) notes on 9 July. The self-led deal is expected to price on or before 13 July.