News
On 11 April, Caltex Australia (Caltex) (BBB+/S&P) launched a new, seven-year domestic senior-unsecured transaction. The forthcoming deal has indicative price guidance of 145-150 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.
On 10 April, People's Choice Credit Union (People's Choice) launched its residential mortgage-backed securities transaction, Light Trust 2018-1. The forthcoming deal has total volume of A$500 million (US$386.2 million) and is expected to price on or before 13 April.
On 10 April, Resimac revealed plans to engage with investors regarding a possible transaction from its Premier residential mortgage-backed securities (RMBS) programme. The potential deal will include Australian dollar tranches as well as US dollar tranches in 144A format. Citi, MUFG Securities, National Australia Bank and Westpac Institutional Bank will arrange the investor meetings.
Volkswagen Financial Services (Volkswagen) (BBB+/A3) launched a three-year, Australian dollar-denominated benchmark transaction on 10 April, via ANZ and TD Securities. The forthcoming deal is being marketed in the area of 110 basis points over semi-quarterly swap and is expected to price on the day of launch.
On 10 April, Bank of China Sydney Branch (BoC Sydney) (A/A1/A) launched a new, three-year Australian dollar-denominated benchmark floating-rate note (FRN) transaction. Indicative price guidance for the forthcoming deal, which comes hot on the heels of a Bank of China New Zealand domestic launch, is 108 basis points area over three-month bank bills.
In the wake of the first euro-denominated Australian-origin nonfinancial corporate transaction of 2018, issuer and lead managers share in-depth insights into execution strategy in arguably the most volatile global backdrop seen in several years. Flexibility is key, and execution certainty should be the most pertinent consideration for issuers as the balance of power shifts back to investors.
On 9 April, FlexiGroup revealed plans to engage with investors in Australia and New Zealand regarding a possible Australian dollar-denominated asset-backed securities (ABS) transaction, which will include green tranches. Commonwealth Bank of Australia and National Australia Bank have been mandated to arrange the meetings, commencing in the week beginning April 16.
On 9 April, Aroundtown (BBB+/S&P) announced plans to hold investor meetings in Singapore, Melbourne, Sydney and Hong Kong, regarding a possible debut 7-10-year Australian dollar-denominated senior-unsecured deal. The meetings, to be arranged by Citi and UBS, will commence in the week beginning 16 April.
On 9 April, Volkswagen Financial Services (Volkswagen) revealed plans for a potential Australian dollar-denominated, three-year senior-unsecured deal. The transaction is expected to launch in the near future, according to lead managers ANZ and TD Securities.