News
NWB Bank (NWB) (AAA/Aaa) launched a minimum A$40 million (US$31.3 million) increase to its July 2028 Kangaroo bond on 8 February, via TD Securities. Indicative price guidance for the forthcoming deal is 54 basis points area over semi-quarterly swap and 60.75 basis points area over Australian Commonwealth government bond. Pricing is expected on the day of launch.
On 8 February, Toyota Finance Australia (Toyota Australia) (AA-/Aa3) disclosed plans to issue a new, five-year senior-unsecured domestic deal. ANZ, Commonwealth Bank of Australia and National Australia Bank have been mandated to lead the transaction.
On 8 February, China Construction Bank Sydney Branch (CCB Sydney) (A/A1/A) launched a minimum A$100 million (US$78.1 million) one-year domestic floating-rate note (FRN) transaction. The forthcoming deal is being marketed in the area of 55 basis points over three-month bank bills. Pricing is expected on the day of launch, via ANZ, Commonwealth Bank of Australia and Westpac Institutional Bank.
Profiles of all the capital-markets-relevant issuers in the Australian and New Zealand government sectors, including issuer-specific interviews with the most active borrowers and data from the two sovereign debt markets.
Charts and commentary giving a snapshot of the New Zealand economic situation at the start of 2018.
Charts and commentary giving a snapshot of the Australian economic situation at the start of 2018.
Issue name: NRMBS 2018-1Sponsor: National Australia BankDeal type: residential mortgage-backed securitiesPricing date: 8 February 2018Settlement date: 15 February 2018Total deal volume: A$2 billion (US$1.6 billion)Arranger: National Australia Bank
AusNet Services (AusNet) (A-/A3) launched a new, 10.5-year domestic benchmark deal on 8 February. Indicative price guidance for the forthcoming transaction is 130 basis points area over semi-quarterly swap. Pricing is expected on the day after launch, according to lead managers, ANZ, Commonwealth Bank of Australia, National Australia Bank and Westpac Institutional Bank.
The final part of KangaNews’s exclusive Australasian government-sector issuers roundtable covers the specifics of funding plans – including the outlook for foreign-currency, floating-rate, and green and social securities.
In January 2018, KangaNews invited representatives of Australia’s biggest government-sector funders to a roundtable discussion in Sydney. In the first part of the discussion, the issuers shared insights into the global funding environment, global investor demand and their own ambitions with respect to curve duration.
The New Zealand government-sector bond market is well placed going into 2018, issuers tell KangaNews. A positive economic story and projected lower issuance from the sovereign should support a solid supply-demand dynamic – though issuers say they continue to work hard at investor engagement at home and abroad.