News
BNG Bank (BNG) (AAA/Aaa/AA+) launched an indicative A$20 million tap of its July 2028 Kangaroo line on 17 January, via J.P. Morgan and TD Securities. The forthcoming deal is being marketed at 63 basis points over semi-quarterly swap and 69.75 basis points over Australian Commonwealth government bond, and will price on the same day as launch.
Westpac Banking Corporation (Westpac) (AA-/Aa3/AA-) launched a minimum A$100 million (US$79.9 million), tier-two EMTN on 17 January. The 30-year bullet transaction, which will have a fixed coupon of 5 per cent, is expected to be rated BBB/Baa1 and to price on the same day as launch. TD Securities and Westpac Institutional Bank are leading.
On 17 January, World Bank (AAA/Aaa) launched a minimum NZ$300 million (US$218.1 million) five-year Kauri bond. The transaction is being marketed at 33 basis points area over mid-swap. Pricing is expected on the day after launch, according to lead managers ANZ, BNZ and Commonwealth Bank.
Kommunalbanken Norway (KBN) (AAA/Aaa) launched a capped A$50 million (US$39.8 million) increase to its July 2028 Kangaroo bond, with guidance of 60 basis points area over swap, on 17 January. Pricing will occur on the same day as launch, according to leads Daiwa Capital Markets, J.P. Morgan and TD Securities.
On 17 January, Deutsche Bank Sydney Branch (Deutsche Bank Sydney) launched a five-year Australian dollar-denominated EMTN transaction in senior nonpreferred format. The forthcoming deal will emerge in either or both of fixed- and floating rate and has indicative price guidance of 140 basis points area over swap benchmarks.
KfW Bankengruppe (KfW) (AAA/Aaa/AAA) launched an increase to its A$300 million (US$238.9 million) March 2028 Kangaroo bond late Sydney time on 16 January. Indicative price guidance is 46 basis points area over semi-quarterly swap, equivalent to 49.5 basis points area over Australian Commonwealth government bond, according to lead managers Nomura and RBC Capital Markets.
