News
On 23 May, Zurich Finance Australia (Zurich) (A+/A1) launched a debut five-year senior-unsecured benchmark Australian dollar transaction. The forthcoming deal is being marketed at 100 basis points area over semi-quarterly swap. Pricing is expected on the day after launch, according to lead managers ANZ, Citi, National Australia Bank and UBS.
US-based investor demand for Resimac’s Premier Series 2018-1 prime residential mortgage-backed securities (RMBS) went beyond the US dollar-denominated Class A1 notes, with support coming across the structure and in reverse enquiry for a fixed-rate tranche, according to deal sources. Support was such that Resimac may look to include US dollar notes in its next nonconforming deal.
African Development Bank (AfDB) (AAA/Aaa) launched a minimum A$25 million (US$19 million) increase to its August 2028 Kangaroo on 22 May, via TD Securities. The forthcoming deal has indicative price guidance of 42 basis points area over semi-quarterly swap and 46.75 basis points area over Australian Commonwealth government bond. Pricing is expected on the day of launch.
On 21 May, Industrial and Commercial Bank of China New Zealand (ICBC NZ) (A/A1) revealed plans to meet fixed-income investors regarding a possible New Zealand dollar-denominated deal. ANZ and Westpac New Zealand are arranging the meetings.
Bank of Queensland (BOQ) launched its Series 2018-1 REDS Trust residential mortgage-backed securities (RMBS) transaction on 21 May. The deal has a minimum volume of A$500 million (US$375.8 million) and is expected to price on or before 25 May.
On 21 May, Growthpoint Properties Australia (Growthpoint) (Baa2) began taking indications of interest for a seven-year domestic green-bond transaction. The deal is being marketed at 170-175 basis points area over semi-quarterly swap and may launch as early as 22 May. ANZ, National Australia Bank and Westpac Institutional Bank are joint lead managers.
On 21 May, DBNGP Finance (DBNGP) (BBB/Baa3), the financing entity of the Dampier to Bunbury National Gas Pipeline ownership group, launched a benchmark seven-year senior-secured domestic deal. The forthcoming transaction has indicative price guidance of 150 basis points area over semi-quarterly swap. Pricing is expected on the day of launch, according to lead managers ANZ and Mizuho Securities.
Australian Office of Financial Management printed a A$1.7 billion (US$1.3 billion) syndicated tap of its June 2039 Treasury bond during the second full week of May, while Virgin Australia was in the market with a rare domestic benchmark high-yield deal. Meanwhile, Resimac returned to the market for the first time in 2018, with a A$750 million prime residential mortgage-backed securities deal.