News
RedZed Lending Solutions (RedZed) revealed on 20 November that it has mandated Commonwealth Bank of Australia and National Australia Bank to engage investors in relation to a potential residential mortgage-backed securities (RMBS) transaction. A transaction under the RedZed Trust Series RMBS programme may follow.
Lloyds Banking Group returned to the Australian market during the second full week of November, with an A$450 million (US$307.7 million) 10-year Kangaroo. Meanwhile, ME Bank priced an A$200 million perpetual additional tier-one, Challenger Life Company printed an A$400 million tier-two and Commonwealth Bank of Australia netted A$2.65 billion in its second residential mortgage-backed securities transaction of 2017.
Christchurch City Holdings (Christchurch City) (A+/S&P) revealed on 16 November that it is planning a five-year, senior-unsecured, fixed-rate issue with indicative volume of NZ$100-150 million (US$68.6-102.9 million). The bonds will be offered to institutional and New Zealand retail investors.
QBE priced a new additional tier-one (AT1) transaction on 10 November, printing US$400 million in a no-grow deal with a May 2025 first call date. In a first for the Australian market, the Reg S deal was issued in accordance with an issuer gender-equality framework. Paul Byrne, QBE’s Sydney-based group treasurer, estimates this approach may have doubled the volume of demand the transaction attracted.
