News
On 3 July, NEXTDC launched its four-year senior-unsecured notes transaction, Notes IV. NEXTDC is aiming to raise A$250 million (US$183.4 million), with the ability to take oversubscriptions. Full terms of the transaction will be lodged with the ASX once pricing is finalised.
On 3 July, South Australian Government Financing Authority (SAFA) (AA/Aa1) launched a new, maximum A$1 billion (US$733.8 million) May 2028 syndicated bond transaction. Indicative price guidance for the forthcoming deal is 51-53 basis points area over the 10-year futures contract, equivalent to 52.25-54.25 basis points area over Australian Commonwealth government bond.
On 2 July, South Australian Government Financing Authority (SAFA) (AA/Aa1) revealed its intention to issue a new May 2028 select line for up to A$1 billion (US$739.9 million) via syndication in the “near future”. Bank of America Merrill Lynch, Deutsche Bank, National Australia Bank and Nomura have been mandated as joint lead managers.
On 29 June, WEL Networks launched a NZ$125-150 million (US$84.7-101.7 million) five-year domestic transaction. Indicative price guidance will be determined on or around 3 July, with the final margin to be announced following a bookbuild, scheduled for 9 July. The offer will open on 10 July and close on 27 July.
Teachers Mutual Bank priced the only public Australian dollar deal in the final week of June, with a A$200 million (US$147.6 million) three-year floating-rate note transaction. Axsesstoday launched a five-year simple corporate bond deal, with a bookbuild scheduled for completion on 3 July. In New Zealand, Genesis Energy completed the bookbuild for its NZ$200-240 million (US$135.4-162.5 million) subordinated capital-bond transaction.
On 29 June, Pepper Group (Pepper) revealed plans to meet US investors in the week commencing 9 July and Australian investors in the week commencing 16 July, regarding a possible nonconforming residential mortgage-backed securities (RMBS) transaction. The potential deal will include Australian dollar and US dollar tranches across 144A and Reg S formats.
On 27 June, United Overseas Bank (UOB) (AA-/Aa1/AA-) revealed plans to meet fixed-income investors in Australia. The meetings, to be arranged by ANZ and National Australia Bank, will commence 3 July.
On 26 June, Axsesstoday launched a minimum A$50 million (US$37 million) five-year simple corporate bond, comprised of an institutional and a broker firm offer. The forthcoming floating-rate deal is being marketed at 490-520 basis points over bank bills. The final interest rate and margin will be determined following a bookbuild, scheduled for 3 July.
On 26 June, Genesis Energy (BBB+/S&P) completed the bookbuild process for its NZ$200-240 million (US$137.9-165.5 million) 30-year subordinated capital bond transaction. The interest rate has been set at 4.65 per cent, with a margin of 201 basis points over the swap benchmark. The final volume will be determined when the general offer closes on 9 July.
Auckland Council revealed its intention to be New Zealand’s first domestic green-bond issuer in March, with market development one of its key objectives. In the wake of the transaction’s pricing, on 21 June, deal sources say the issuer achieved this objective, uncovering significant demand and attracting new investors.