News
On 21 December, South Australian Government Financing Authority (SAFA) revised down its gross-funding requirement by A$1.2 billion (US$919.2 million) for the 2017/18 financial year. Following the South Australian mid-year budget review, SAFA’s revised funding programme is A$3.6 billion.
On 21 December, Resimac launched its prime residential mortgage-backed securities (RMBS) transaction, Resimac Premier Series 2017-3. The forthcoming deal has indicative volume of A$1 billion (US$766.75 million) and will not grow. Pricing is expected on the day of launch according to arranger J.P. Morgan.
On 19 December, Queensland Treasury Corporation (QTC) revealed its term-funding programme for 2017/18 has been increased by A$200 million (US$153.4 million) following the Queensland government’s mid-year fiscal and economic review. The increase brings QTC’s total requirement for the year to A$7 billion, of which the treasury corporation confirms it has already raised A$6 billion.
In the wake of a 25-year domestic deal for University of Melbourne, issuer and intermediary suggest the Australian market could provide a feasible alternative for issuers that regularly access the US private placement (USPP) market for longer tenor. They also say that although the deal’s size was modest, the potential investor base is larger than this transaction uncovered.
International Finance Corporation (IFC) (AAA/Aaa) launched a minimum A$50 million (US$38.3 million) increase to its October 2027 Kangaroo bond on 19 December. Indicative price guidance for the forthcoming transaction is 43 basis points area over semi-quarterly swap. Pricing is expected on the day of launch, according to lead manager Daiwa Capital Markets.
On 19 December, Resimac revealed that it has mandated a new residential mortgage-backed securities (RMBS) transaction. An Australian dollar-denominated deal may follow, according to lead manager J.P. Morgan.
On 18 December, Macquarie Bank revealed that it is marketing its new, minimum A$100 million (US$76.5 million), 18-month senior-unsecured deal in the area of 45 basis points over three-month bank bills. National Australia Bank is leading.
Macquarie Bank (A/A2/A) launched a new, minimum A$100 million (US$76.5 million), 18-month senior-unsecured transaction on 18 December. The forthcoming deal is expected to price on the day of launch, according to lead manager National Australia Bank.
South Australian Government Financing Authority's A$750 million (US$575.3 million) 2026 syndicated tap was a highlight during the second week of December. The New Zealand Debt Management Office, New South Wales Treasury Corporation and Treasury Corporation of Victoria all completed mid-year funding updates.