News
On 6 December, Vodafone Group (Vodafone) (BBB+/Baa1/BBB+) mandated a new, Australian dollar-denominated transaction to be issued in either or both of five- and 10-year maturities. National Australia Bank, RBC Capital Markets and UBS are leading the deal, which is expected to launch in the near future.
Late in the Sydney day on 5 December, Rentenbank (AAA/Aaa/AAA) and Nordic Investment Bank (NIB) (AAA/Aaa) each mandated long-dated taps to their respective 2028 and 2027 Kangaroo lines.
ETSA Utilities Finance (ETSA Utilities) (A-/Aa3) launched a no-grow A$100 million (US$76.1 million) six-year bond on 5 December, via Commonwealth Bank of Australia (CBA). The transaction will be in either or both of fixed- and floating-rate formats. Indicative price guidance is 104-107 basis points area over swap benchmarks and pricing is expected no later than 6 December.
KangaNews is proud to present the winners of the institutional and deal categories in the KangaNews Awards 2017. After an extensive voting and verification process, KangaNews can confidently say its results reflect a true market view on the outstanding performers of 2017 in the Australian and New Zealand debt markets.
On 4 December, Think Tank Commercial Property Finance (Think Tank) launched its commercial mortgage-backed securities (CMBS) transaction, Think Tank Series 2017-1 Trust. The deal has indicative volume of A$300 million (US$228 million) and will price on or before 7 December, according to arranger Commonwealth Bank of Australia and joint lead manager Westpac Institutional Bank.
In the wake of its second residential mortgage-backed securities (RMBS) transaction of 2017, Evan Dwyer, managing director at RedZed Lending Solutions (RedZed) in Melbourne, gives KangaNews an issuer update as book growth makes the company a more frequent visitor to the securitisation market.
Pepper Australia (Pepper) launched its prime residential mortgage-backed securities (RMBS) transaction, Pepper I-Prime 2017-3 Trust, on 4 December. The transaction has indicative total volume of A$400 million (US$303.7 million) and pricing is expected on or before 6 December, according to arranger National Australia Bank and additional lead managers Commonwealth Bank of Australia and Westpac Institutional Bank.
On December 4, AMP Bank launched a residential mortgage-backed securities (RMBS) transaction, Progress 2017-2. The forthcoming deal has indicative volume of A$750 million (US$569.9 million), with pricing expected on or before 7 December, according to arrangers MUFG Securities and Westpac Insitutional Bank, and additional lead managers Deutsche Bank, Macquarie Bank and National Australia Bank.
On 4 December, Kiwi Property Group (Kiwi Property) (BBB/S&P) launched a new, NZ$75-125 million (US$51.5-85.8 million) seven-year domestic bond. The offer has an indicative margin range of 145 to 155 basis points over mid-swap with the final margin and interest rate to be set following a bookbuild, scheduled for 12 December. There will be no public pool for the offer, lead managers Deutsche Craigs and Westpac Institutional Bank add.
The final week of November was highlighted by an A$1 billion (US$756.4 million) dual-tranche transaction from HSBC Sydney Branch and a pair of noteworthy securitisation deals. Liberty Financial priced an A$300 million auto asset-backed transaction and RedZed Lending Solutions returned for its second residential mortgage-backed securities deal of 2017.