News
Housing New Zealand (Housing NZ) plans to issue around NZ$1 billion (US$688.1 million) by the middle of 2019 as the public-housing agency significantly ramps up its new building and renovation – and thus funding – activities. The issuer talks to KangaNews about its issuance strategy and the unique nature of its credit.
Virgin Australia (B+/B2) launched an indicative A$150 million (US$112.6 million) five-year non-call three-year, senior-unsecured domestic deal on 18 May. The forthcoming transaction has an indicative coupon of 8.25 per cent area. The notes are expected to be rated B-/B3.
MUFG Bank Sydney Branch (MUFG Sydney) (A/A1) launched a minimum A$100 million (US$75.1 million) one-year senior-unsecured domestic deal on 18 May. Price guidance is in the area of 52 basis points over bank bills and the deal is expected to price on the day of launch, via ANZ.
On 17 May, Barclays (BBB/Baa3/BBB) revealed plans to hold meetings with debt investors in Asia and Australia, regarding a possible Australian dollar-denominated transaction. The potential deal will come in either or all of five-year bullet, 10-year bullet, six-year non-call five-year or 11-year non-call 10-year Kangaroo formats.
Virgin Australia (B+/B2) began taking indications of interest for a new five-year non-call three-year, senior-unsecured domestic deal on 17 May. Initial price thoughts are “in the context of low 8 per cent area semi-annually”, according to lead managers ANZ, HSBC and UBS. The leads also say the deal “may launch in the near future”.
On 17 May, following the New Zealand Treasury’s release of the Budget Economic and Fiscal Update 2018, the New Zealand Debt Management Office (NZDMO) revealed a NZ$8 billion (US$5.5 billion) borrowing programme for the 2018/19 financial year. The forecast is NZ$1 billion higher than the estimate given at the Half Year Economic and Fiscal Update (HYEFU) in December 2017.
On 17 May, Pepper Group (Pepper) began taking indications of interest for its I-Prime 2018-1 Trust residential mortgage-backed securities (RMBS) transaction. The deal has indicative total volume of A$400 million (US$300.9 million) and is expected to launch in the week commencing 21 May.
On 16 May, Bank of Queensland (BOQ) began taking indications of interest for its Series 2018-1 REDS Trust residential mortgage-backed securities (RMBS) transaction. Indicative total volume for the deal, expected to launch 21 May, is A$500 million (US$373.4 million).