News
Northern Territory Treasury Corporation (NTTC) (Aa2) has launched a minimum A$50 million (US$38.8 million) syndicated increase to its April 2033 line. The forthcoming deal, which has UBS as its lead, is being marketed in the area of 75 basis points over Australian Commonwealth government bond. Pricing is expected on the day of launch, 22 March.
On 22 March, Swedish Export Credit Corporation (SEK) (AA+/Aa1) launched a new, 10.5-year benchmark Kangaroo transaction via RBC Capital Markets and TD Securities. The forthcoming deal has indicative price guidance of 54 basis points area over semi-quarterly swap and 63.75 basis points over Australian Commonwealth government bond. Pricing is expected on day of launch.
Insurance Australia Group (IAG) (A/S&P) launched its Australian dollar denominated 26-year non-call 6-7 year tier-two transaction on 22 March. Indicative price guidance for the forthcoming transaction is 215 basis points area over three-month bank bills. The notes are expected to be rated BBB by S&P Global Ratings.
On 22 March, Victoria Power Networks (VPN) (A-/S&P) began taking indications of interest for a new 10-year Australian dollar denominated domestic transaction. The potential deal is being marketed at 135 basis points area over semi-quarterly swap. ANZ, Commonwealth Bank of Australia and Mizuho Securities are joint lead managers.
On 22 March, HSBC New Zealand (HSBC NZ) (AA-/Aa3) launched a minimum NZ$100 million (US$72.2 million) three-year domestic floating-rate note (FRN) transaction. The forthcoming deal has indicative price guidance of 75-77 basis points area over three-month bank bills. Pricing is expected on the day of launch, according to lead managers BNZ, Commonwealth Bank and HSBC.
On 21 March, La Trobe Financial began taking indications of interest for its potential residential mortgage-backed securities (RMBS) transaction, La Trobe Financial Capital Markets Trust 2018-1 (LFCMT 2018-1). The deal has a total volume of A$496.5 million (US$382.2 million).