News
On 18 April, Commerzbank (A-/Baa1/BBB+) revealed plans to hold an investor call regarding a possible Australian dollar-denominated senior-nonpreferred transaction, with “medium-to-long dated” maturity. The call is being arranged by Commerzbank, Deutsche Bank, National Australia Bank and TD Securities and takes place on the afternoon of the announcement, Sydney time.
On 18 April, Brisbane Airport Corporation (Brisbane Airport) (BBB/Baa2) launched an indicative A$200 million (US$155.3 million) seven-year senior-secured domestic transaction. The forthcoming deal is being marketed at 145 basis points area over semi-quarterly swap. Pricing is expected as early as the day of launch, according to lead managers ANZ and National Australia Bank.
Afterpay Touch Group (Afterpay) (NR) disclosed on 17 April that it is preparing a four-year, senior-unsecured transaction with indicative volume of A$40 million (US$31.1 million). The transaction, which is being arranged by National Australia Bank, is being offered to professional and sophisticated investors under wholesale documentation.
On 17 April, Liberty Financial (Liberty) began taking indications of interest for select tranches of its residential mortgage-backed securities (RMBS) transaction, Liberty Series 2018-1. Indicative price guidance has been disclosed for the Class A1a, Class A1b, Class A2 and Class B notes. The structure also includes the euro-denominated Class A1c notes.
With a significant market share in the Australian individual life-insurance market after recent acquisitions, Zurich Insurance Group (Zurich) is going on a roadshow to Australian and Asian investors towards the end of April. Mathias Meisel, head of capital markets in Zurich, talks to KangaNews about the issuer’s Australian business and its funding plans.
Groupe BPCE (A/A2/A) launched a multi-tranche, five-year senior-preferred and 10-year senior-nonpreferred Kangaroo transaction on 17 April. The senior-preferred tranche will come in either or both fixed- and floating-rate formats with indicative price guidance of 110-115 basis points area over swap benchmarks. The fixed-rate senior-nonpreferred tranche is being marketed at 180 basis points area over semi-quarterly swap.
On 17 April, Zurich Insurance Company (Zurich) (A+/A1) revealed plans to hold fixed-income investor meetings, to be arranged by ANZ, Citi, National Australia Bank and UBS, in Australia and Hong Kong in the week commencing 23 April. A potential Australian dollar-denominated transaction may come after the update of the company’s documentation, expected mid-May.
On 17 April, Oversea-Chinese Banking Corporation Sydney Branch (OCBC Sydney) (AA-/Aa1/AA-) launched a three-year senior-unsecured domestic benchmark floating-rate note (FRN) transaction. The forthcoming deal is being marketed at 73 basis points area over three-month bank bills. Pricing is expected on the day of launch, according to lead managers ANZ, Commonwealth Bank of Australia, OCBC, UBS and Westpac Institutional Bank.
The majority of the heavy lifting spun out of the radical reshaping of the banking sector following the financial crisis may have played out, but conditions continue to shift. The KangaNews Debt Capital Markets Summit brought a pair of international bank funders together to share insights into the global landscape.