News
On 1 June, Avanti Finance (Avanti) revealed plans to meet investors regarding a possible New Zealand residential mortgage-backed securities (RMBS) transaction. Westpac New Zealand has been mandated to arrange the meetings.
The results of the eighth iteration of the KangaNews Fixed-Income Research Poll, the only independent, specialist poll of fixed-income investors' views on research in the Australian market, are supported by a record number of responses for the third consecutive year in 2018. More than 100 qualifying votes were received from institutional investors. KangaNews is pleased to reveal the full suite of 2018's winners.
Housing New Zealand (Housing NZ) (AA+) launched a domestic transaction on 31 May, seeking a minimum of NZ$100 million (US$69.9 million) in each of five- and seven-year tranches with maximum aggregate volume of NZ$500 million. ANZ and Westpac New Zealand are leading the deal, which is being marketed at 32-38 basis points over mid-swap for the five-year notes and 48-55 basis points over mid-swap for the seven-year notes. Pricing is expected by 1 June.
National Australia Bank (NAB) aims to free up regulatory capital for additional renewable-energy lending by funding part of its existing loan portfolio via an external trust vehicle. While investor demand makes renewables particularly suitable for this type of transaction, NAB also believes it could be applied elsewhere in the institutional balance sheet.
The Kangaroo market has traditionally been a diversification play for global borrowers with substantial funding tasks, but Austria’s Hypo Vorarlberg Bank (Hypo VBG) (A/A3) believes the Australian dollar option can be a perfect fit for its profile as a relatively small but innovative issuer.
NAB Trust Services (NR) has mandated National Australia Bank (NAB) to arrange a debt-investor conference call to present the NAB low-carbon shared-portfolio floating-rate notes. These are senior-secured notes with Climate Bonds Initiative certification, which may be issued following the investor call in a transaction with 3.2-year weighted-average life.
AMP Bank disclosed on 29 May that it plans to engage with investors ahead of a possible residential mortgage-backed securities (RMBS) deal. The bank has mandated Deutsche Bank, Macquarie Bank, MUFG, National Australia Bank and Westpac Institutional Bank to explore a funding and capital relief transaction.
Australian Finance Group (AFG) disclosed on 28 May that it plans to engage with investors on its residential mortgage-backed securities (RMBS) programme in the week beginning 4 June. The investor update, which is being arranged by ANZ and National Australia Bank, are the precursor to a potential Australian dollar securitisation transaction.
QIC Shopping Centre Fund (A-) launched a new domestic deal on 28 May, via Commonwealth Bank of Australia and National Australia Bank. The transaction has 5.5-year tenor, minimum volume of A$100 million (US$75.6 million) and is being marketed at 130-135 basis points area over swap. Pricing is expected by 29 May.