News
On 23 April, Asian Development Bank (ADB) (AAA/Aaa/AAA) launched a minimum A$100 million (US$76 million) increase to its August 2028 Kangaroo bond, via Nomura. The forthcoming transaction is being marketed at 41 basis points area over semi-quarterly swap and 46.375 basis points area over Australian Commonwealth government bond. Pricing is expected on the day after launch.
Liberty Financial (Liberty) launched its residential mortgage-backed securities (RMBS) transaction, Liberty Series 2018-1, on 23 April. Indicative total volume for the transaction is equivalent to A$700 million (US$537.1 million), including the euro-denominated Class A1c notes, which together with Class A1b notes will be equivalent to A$385 million.
On 23 April, Bank of Queensland (BOQ) (BBB+/A3/A-) launched a minimum A$150 million (US$115 million) domestic tier-two deal. The 10-year non-call five floating-rate notes transaction has indicative price guidance of 200 basis points area over three-month bank bills. Pricing is expected on or before 24 April, according to lead managers ANZ, Bank of America Merrill Lynch and National Australia Bank.
Groupe BPCE priced a dual-tranche A$930 million (US$718.4 million) five-year senior-preferred and 10-year senior-nonpreferred Kangaroo deal during the third week of April, while Brisbane Airport Corporation printed its first domestic transaction since 2013. In securitisation, Suncorp-Metway netted A$1.25 billion in its Apollo 2018-1 residential mortgage-backed securities transaction.
Province of Manitoba (Manitoba) (A+/Aa2) launched a minimum A$50 million (US$38.6 million) tap of its August 2028 Kangaroo bond on 20 April. The forthcoming deal, expected to price on the day of launch, is being marketed at 52 basis points area over semi-quarterly swap and 57 basis points area over Australian Commonwealth government bond. RBC Capital Markets is lead manager.
On 20 April, Province of Alberta (Alberta) (A+/Aa1) launched a minimum A$50 million (US$38.6 million) increase to its April 2028 Kangaroo bond, via RBC Capital Markets. Indicative price guidance for the forthcoming transaction is 52 basis points area over semi-quarterly swap and 55 basis points area over Australian Commonwealth government bond. Pricing is expected on the day of launch.
On 20 April, Growthpoint Properties Australia (Growthpoint) (Baa2) revealed plans to meet investors in Australia and Asia regarding a possible seven-year domestic green-bond transaction. ANZ, National Australia Bank and Westpac Institutional Bank will arrange the meetings, set to commence 30 April.