News
Tasmanian Public Finance Corporation (Tascorp) (AA+/Aa2) mandated a new, 10-year benchmark syndicated transaction on 8 January via ANZ, Commonwealth Bank of Australia and Deutsche Bank.
On 8 January, Asian Development Bank (ADB) (AAA/Aaa/AAA) launched a new, minimum NZ$200 million (US$143.4 million) five-year Kauri bond. Indicative price guidance for the forthcoming transaction is 34 basis points area over mid-swap. The deal is expected to price on the day after launch, according to lead managers ANZ, BNZ and TD Securities.
In a wide-ranging state-of-the-market perspective, Steve Lambert, executive general manager, corporate finance at National Australia Bank (NAB) in Sydney, attributes Australian transaction breakthroughs in 2017 to long-term positive trends on the demand side. The supply equation is more challenging, he says – but there are still areas to watch for the period ahead including in infrastructure, sustainable debt and speciality debt finance.
The sixth annual corporate borrowers roundtable discussion hosted by BNP Paribas and KangaNews took place in December 2017, at the end of an interesting year for bond issuance by corporate Australia. Key corporate players discuss quantitative tapering (QT), regulation and what 2018 might bring.
Headline issuance numbers may not leap off the page, but the underlying story in the New Zealand debt market is one of positive foundations. The country has funding to find in the coming years, and the local debt market is well-placed to provide its fair share.
ANZ Banking Group (ANZ) (AA-/Aa3/AA-) launched a new Australian dollar benchmark transaction on 8 January. The self-led deal comprises three- and five-year maturity notes and is expected to price the day after launch.
European Investment Bank reopened the Kangaroo market for 2018 with a A$750 million (US$589.2 million) five-year climate-awareness bond, which it swiftly followed with a A$175 million tap of its other Kangaroo climate-awareness line due in February 2028. Across the Tasman Sea, Nordic Investment Bank printed the first Kauri deal of the new year with a NZ$400 million (US$286.3 million) five-year transaction.
