News
On 14 February, La Trobe Financial revealed plans to meet domestic and offshore investors regarding a possible residential mortgage-backed securities (RMBS) transaction. The meetings, to be arranged by Commonwealth Bank of Australia, Macquarie Bank, National Australia Bank, Natixis and Westpac Institutional Bank, will commence on 26 February.
NWB Bank (NWB) (AAA/Aaa) revealed on 14 February that it has launched a minimum A$30 million (US$23.6 million) increase to its July 2028 Kangaroo bond. Price guidance is 54 basis points area over semi-quarterly swap and 60 basis points area over Australian Commonwealth government bond, according to lead manager Nomura.
On 14 February, International Finance Corporation (IFC) (AAA/Aaa) lunched a minimum A$50 million (US$39.3 million) increase to its October 2027 Kangaroo bond, via UBS. The forthcoming transaction has indicative price guidance of 41 basis points area over semi-quarterly swap. Pricing is expected on the day of launch.
Bank of China New Zealand (BoC New Zealand) (A/A1) launched an increase to its October 2022 domestic bond on 14 February. The transaction, which has Commonwealth Bank as sole lead, is for indicative volume of NZ$25 million (US$18.2 million) and is being marketed at 115 basis points area over mid-swap. Pricing is expected on day of launch.
ANZ Banking Group (ANZ) (AA-/Aa3/AA-) mandated a new, euro-denominated bond on 13 February via ANZ, Barclays, BNP Paribas and HSBC. The five-year transaction will be issued in line with the UN’s sustainable development goals (SDGs), meaning proceeds will be used to finance businesses or projects that promote one or more of the 17 SDGs.
Firstmac has mandated a new residential mortgage-backed securities (RMBS) deal denominated in Australian and US dollars, via National Australia Bank and United Overseas Bank. The issuer plans to meet investors in Hong Kong and Singapore on 21-23 February and host calls with Australian investors in the week commencing 26 February ahead of the potential transaction.
AusNet Services (AusNet)’s debut deal for 2018 demonstrates the long-dated demand uncovered in 2017 was not simply a trend while conditions were favourable, deal sources argue. Demand, and AusNet’s final outcome, were robust despite broader market uncertainty.
Westpac Banking Corporation (Westpac) opened its additional tier-one (AT1) capital notes transaction on 13 February, with the volume increased to A$1.45 billion (US$1.1 billion) from A$750 million at launch. Following a bookbuild, which closed on 9 February, the margin has been set at 320 basis points over three-month bank bills.
On 12 February, Nissan Financial Services Australia (Nissan Australia) (A/S&P) revealed plans to meet with fixed-income investors in Australia, Hong Kong and Singapore, regarding a potential Australian dollar denominated transaction. The meetings, to be arranged by ANZ and Citi, will take place in the week beginning 19 February.
On 12 February, Commonwealth Bank of Australia (CommBank) launched the refinancing of the Class A3-R notes of its prime residential mortgage-backed securities (RMBS) transaction, Medallion 2013-1. The notes have indicative volume of A$250 million (US$195.4 million).