News
Liberty Financial (Liberty) (BBB-/S&P) launched an indicative A$100 million (US$76.8 million) three-year senior-unsecured deal on 28 March. The transaction is being marketed in the area of 300 basis points over semi-quarterly swap. Pricing is expected on the day of launch, according to lead managers National Australia Bank and Westpac Institutional Bank.
Firstmac’s return to the residential mortgage-backed securities (RMBS) market took a new approach to US dollar issuance. This – together with the issuer’s longstanding engagement with international investors and a European-friendly deal structure – allowed it to find brand-new investors and a majority-offshore distribution profile.
A key topic on the agenda at the KangaNews Sustainable Debt Summit, held in Sydney on 13 March, was how environmental, social and governance (ESG) considerations are reshaping the fundamental nature of investment management. A group of end investors representing disparate corners of the sector discussed ESG as the next frontier in core investment.
On 27 March, ME Bank (BBB/Baa1) revealed plans to hold a conference call with debt investors regarding a possible Australian dollar denominated, three-year senior-unsecured transaction. The call, to be arranged by ANZ, National Australia Bank and Westpac Institutional Bank, will take place on 28 March.
On 27 March, Volkswagen Financial Services (Volkswagen) started marketing its new Australian dollar denominated asset-backed securities transaction, Driver Australia Five Trust. ANZ and Bank of America Merrill Lynch will lead the deal, with timing "subject to market conditions".
On 26 March, Liberty Financial (Liberty) (BBB-/S&P) mandated an indicative A$100 million (US$77.3 million) three-year domestic transaction. Initial price guidance for the forthcoming senior-unsecured deal is in the area of 300 basis points over semi-quarterly swap, according to lead managers National Australia Bank and Westpac Institutional Bank.
La Trobe Financial launched its first nonconforming residential mortgage-backed securities (RMBS) transaction for 2018, La Trobe Financial Capital Markets Trust 2018-1 (LFCMT 2018-1), on 26 March. The launch volume for the transaction is A$500 million (US$385.9 million) with the potential to upsize to a maximum of A$750 million.
Australian-origin nonfinancial corporate offshore public issuance got underway for 2018 as Pacific National debuted in US dollar Reg S format on 15 March. In the wake of the transaction, the issuer tells KangaNews that a groundswell of support from local intermediaries for the Reg S option drove market selection.