News
On 14 March, Rabobank New Zealand (A+/Aa2/AA-) launched a minimum NZ$100 million (US$73.3 million) three-year domestic floating-rate note (FRN) transaction. The forthcoming deal is being marketed at 75 basis points area over three-month bank bills. Pricing is expected on the day after launch according to lead managers ANZ and BNZ.
Auckland Council plans to tap the New Zealand dollar market for its debut green bond during 2018, as the issuer aims to play its part in providing the supply needed to catalyse domestic funds growth. The council revealed on 7 March that it plans to become a green-bond issuer this year, though it is yet to develop detailed transaction plans.
On 13 March, Nissan Financial Services Australia (Nissan Australia) (A/S&P) launched a new, three-year benchmark domestic transaction. Indicative price guidance for the forthcoming transaction is 83 basis points area over semi-quarterly swap. Pricing is expected on the day after launch, according to lead managers ANZ and Citi.
MyState Bank launched its prime residential mortgage-backed securities (RMBS) transaction, ConQuest 2018-1, on 13 March. The deal has total volume of A$400 million (US$314.8 million) and will not grow.
On 13 March, Bank of Tokyo-Mitsubishi UFJ Sydney Branch (BTMU Sydney) (A/A1) launched a new, five-year Australian dollar benchmark. The forthcoming deal is being marketed at 100 basis points area over swap.
Benchmark-sized tier-two Kangaroo issuance returned to the Australian market on 7 March, with DBS Group Holdings (DBS) pricing a deal that, according to the issuer, avoided the effects of global market volatility through a tight execution strategy and a groundwork of solid investor relations.
On 12 March, Insurance Australia Group (IAG) (A/S&P) disclosed plans to meet fixed-income investors regarding a possible Australian dollar denominated, 26-year non-call 6-7 year tier-two transaction. The meetings, to be arranged by J.P. Morgan and Westpac Institutional Bank, will commence in Asia on 14 March and in Australia on 19 March.
On 12 March, MyState Bank began taking indications of interest for a potential residential mortgage-backed securities (RMBS) transaction, ConQuest 2018-1. Indicative total volume for the deal is A$400 million (US$314.1 million).