News
Late in the Sydney day on 8 May, European Investment Bank (EIB) (AAA/Aaa/AAA) launched a minimum A$150 million (US$111.8 million) increase to its 2028 Kangaroo climate-awareness bond. The forthcoming deal is being marketed at 43 basis points area over semi-quarterly swap and 45.5 basis points area over Australian Commonwealth government bond. Pricing is expected on the day after launch according to sole lead manager Nomura.
Oesterreichische Kontrollbank (OKB) (AA+/Aa1) launched a new, 10.5-year benchmark Kangaroo transaction on 8 May. The forthcoming deal has indicative price guidance of 53 basis points area over semi-quarterly swap and 59.5 basis points area over Australian Commonwealth government bond. Pricing is expected on the day of launch, according to lead managers Deutsche Bank, RBC Capital Markets and TD Securities.
On 8 May, Resimac began taking indications of interest for its Premier Series 2018-1 residential mortgage-backed securities (RMBS) transaction. The deal has indicative total volume equivalent to A$755.5 million (US$568.1 million), including the US dollar-denominated Class A1 notes.
National Australia Bank (NAB) (AA-/Aa3/AA-) launched an offer to buy back offer some of its February 2019 floating-rate note (FRN) bonds on 8 May, at a spread of 30 basis points area over three-month bank bills. The offer is expected to close on the day of launch.
On 7 May, Macquarie Group launched an additional tier-one (AT1) capital notes offer with indicative volume of A$600 million (US$450.8 million). The transaction is being marketed at 400-420 basis points over three-month bank bills, with the final margin to be announced on 11 May following a bookbuild. The offer is expected to open on 15 May and close 1 June. The notes will have a mandatory exchange date of 15 December 2027.
DBNGP Finance (DBNGP) (BBB/Baa3), the financing entity of the Dampier to Bunbury Natural Gas Pipeline ownership group, has disclosed plans to update fixed-income investors in Australia from 14 May. ANZ and Mizuho Securities are arranging the meetings, after which an Australian dollar denominated capital markets transaction may follow.
National Australia Bank (NAB) (AA-/Aa3/AA-) mandated a self-led, senior-unsecured domestic deal on 7 May. The forthcoming transaction will emerge in either or both of three- and five-year maturities, with price guidance for the April 2021 floating rate note (FRN) tranche at 70 basis points area over three-month bank bills and for the May 2023 fixed and FRN tranches at 90 basis points area over swap benchmarks.
Landesbank Baden-Württemberg (LBBW) (A1/A- by Moody’s/Fitch) launched an Australian dollar-denominated tier-two EMTN transaction on 7 May. The 10-year bullet notes are expected to be rated Baa2/BBB with pricing expected on the day of launch.