News
On 8 March, Suncorp-Metway (Suncorp) revealed plans to engage with investors regarding a possible residential mortgage-backed securities (RMBS) transaction from its Apollo programme. HSBC, Macquarie Bank, National Australia Bank and Westpac Institutional Bank will arrange the meetings.
On 8 March, the New Zealand Debt Management Office (NZDMO) announced its syndication panel for the launch of its April 2029 nominal bond. ANZ, BNZ, Deutsche Bank and UBS will lead the planned NZ$1.5-2 billion (US$1.1-1.5 billion) syndicated transaction.
Commonwealth Bank of Australia (CommBank) launched its first retail-targeted additional tier-one (AT1) transaction of 2018, PERLS X capital notes (PERLS X), on 7 March. CommBank says it is balancing price and volume aspirations carefully – and it is confident of a robust outcome. This is based on the level of genuine retail demand it is observing, coupled with some incremental institutional-investor support.
On 7 March, Victoria Power Networks (VPN) (A-/S&P) revealed plans to meet investors in Hong Kong, Tokyo, Sydney and Melbourne regarding a potential 7-10-year Australian dollar denominated transaction. The meetings will commence on 13 March and are being arranged by ANZ, Commonwealth Bank of Australia and Mizuho Securities.
Inter-American Development Bank (IADB) (AAA/Aaa/AAA) launched a minimum A$25 million (US$19.5 million) increase to its February 2028 Kangaroo line on 7 March, via TD Securities. Indicative price guidance for the forthcoming transaction is 41.5 basis points area over semi-quarterly swap and 44.75 basis points area over Australian Commonwealth government bond. Pricing is expected on the day of launch.
On 7 March, Liberty Financial (Liberty) (BBB-/S&P) revealed plans to meet fixed-income investors regarding a potential three-year Australian dollar denominated transaction. The meetings, to commence on 21 March, will be arranged by National Australia Bank and Westpac Institutional Bank.
On 7 March, Commonwealth Bank of Australia (CommBank) launched its new tier-one hybrid capital notes transaction, PERLS X. The offer is expected to raise A$750 million (US$587 million) and has an expected margin of 340-360 basis points over three-month bank bills. The final margin will be announced following a bookbuild on 15 March, and the offer is expected to close on 29 March.
DBS Group Holdings (DBS) launched its 10-year non-call five-year tier-two Kangaroo deal on 7 March. Indicative price guidance for the forthcoming transaction is 160 basis points area over swap benchmarks. The notes are expected to be rated A3/A+ by Moody’s Investors Service and Fitch Ratings.