News
University of Wollongong (UOW) (AA/S&P) launched a new, 10-year Australian dollar-denominated transaction on 30 November. Indicative price guidance is 95 to 100 basis points area over semi-quarterly swap with pricing expected the day after launch, according to joint lead managers ANZ and National Australia Bank.
On 30 November, Kiwi Property Group (Kiwi Property) (BBB/S&P) disclosed plans for a new, seven-year, senior-secured domestic deal, under New Zealand’s same-class exemption rules. The transaction is expected to be assigned a BBB+ rating and will open in the week commencing 4 December. Deutsche Craigs and Westpac Institutional Bank are leading.
The Australian Office of Financial Management (AOFM) disclosed on 29 November that its next auction of residential mortgage-backed securities (RMBS) holdings will take place on 14 December. The auction will be for five lines of RMBS notes and a Westpac Institutional Bank (Westpac) research note says the cash value of the paper on offer is A$444.1 million (US$336.9 million).
On 29 November, Firstmac revealed plans to engage with residential mortgage-backed securities (RMBS) investors regarding the possible re-issue of the Class A-2 notes from Firstmac Mortgage Funding Trust Series 3-2012 (Firstmac Series 3-2012). The notes have a re-issue date in December 2017. Macquarie Bank will arrange the meetings, with a potential transaction to follow.
On 29 November, AMP Bank began taking indications of interest for a new residential mortgage-backed securities (RMBS) transaction, Progress 2017-2. The deal has indicative total volume of A$750 million (US$570.4 million) and is expected to launch in the week commencing 4 December, according to arrangers MUFG Securities and Westpac Institutional Bank, and additional lead managers Deutsche Bank, Macquarie Bank and National Australia Bank.
The prominence of the residential sector within Australia’s economy and financial markets makes the mortgage a fascinating prospect for sustainable investment evolution. At the Australian Securitisation Forum’s annual conference on 21 November, two market participants closely connected with the development of the local sustainable debt market discussed the prospects for investable green mortgages.
On 29 November, Toyota Finance Australia (Toyota Australia) (AA-/Aa3) launched a new, indicative A$150 million (US$114 million) three-year domestic transaction. The forthcoming deal has indicative price guidance of 60 basis points area over semi-quarterly swap. Pricing is expected the day after launch, according to sole lead manager National Australia Bank.
Telstra Corporation (Telstra) printed its first Reg S-only deal in November. The transaction is the tightest ever issued by an Australian corporate in the US dollar Reg S market, leads say, and garnered solid Japanese take up.
