News
The ability of Vodafone Group (Vodafone) to execute a sizeable Australian dollar transaction in short order and close to the end of a calendar year is testament to the further development of the local market, buy-side sources and intermediaries agree. The enhanced status of the Australian market is only emphasised by the issuer’s ability to print in scale without specific local premarketing.
L-Bank printed a new mid-curve Kangaroo transaction for the first time in more than a year on 8 December. In the wake of this deal, L-Bank’s Karlsruhe-based international funding officer, Sven Lautenschläger, tells KangaNews the deal is another step in the agency’s strategic plan to bolster its curve and enhance liquidity in its outstanding Australian dollar lines.
South Australian Government Financing Authority (SAFA) (AA/Aa1) launched an indicative A$750 million syndicated increase to its July 2026 select line on 11 December. Indicative price guidance is in the area of 40-42 basis points over the 10-year futures contract, equivalent to 49.5-51.5 basis points area over Australian Commonwealth government bond. The deal will price the day after launch, according to lead managers HSBC, RBC Capital Markets and UBS.
On 11 December, Qudos Mutual (BBB-/S&P) launched a new, indicative A$25 million (US$18.8 million), one-year floating-rate note (FRN) transaction. The deal is being marketed at 85 basis points area over three-month bank bills and will price in the near future, according to lead manager Westpac Institutional Bank.
Vodafone Group priced an A$1.15 billion (US$863.8 million) triple-tranche Kangaroo while Macquarie Group issued a A$1 billion triple-tranche domestic deal during the first full week of December. AMP Bank printed an upsized A$1.1 billion residential mortgage-backed securities transaction while Pepper Australia and Think Tank Commercial Property Finance also priced new securitised deals.
