News
Kommunalbanken Norway (KBN) (AAA/Aaa) launched a minimum A$25 million (US$19 million) tap to its January 2032 Kangaroo bond on 15 November, via Mizuho Securities. Indicative price guidance is 63.5 basis points area over semi-quarterly swap and 83.25 basis points area over the April 2029 Australian Commonwealth government bond. Pricing is expected on day of launch.
On 15 November, Pepper Australia (Pepper) revealed that it will engage with investors regarding a potential prime residential mortgage-backed securities (RMBS) transaction. Commonwealth Bank of Australia, National Australia Bank and Westpac Institutional Bank are arranging the meetings.
On 15 November, Challenger Life Company (Challenger) (A by S&P) launched a new Australian dollar-denominated, 25-year non-call five-year tier-two transaction. Indicative price guidance on the forthcoming deal, which is expected to be rated BBB by S&P, is 220 basis points area over bank bills. National Australia Bank, UBS and Westpac Institutional Bank are leading.
In recent years, the London interbank offered rate (Libor) has faced increased scrutiny by market participants as well as regulatory authorities in the international financial markets. Leading US law firm Mayer Brown shares vital insights into how the future of Libor could affect Australian securitisers.
Mercedes-Benz Australia (Mercedes-Benz) (A/A2/A-) launched an indicative A$100 million (US$76.3 million) three-year EMTN deal, with price guidance of 60 basis points area over semi-quarterly swap, on 14 November. Lead managers ANZ and Commonwealth Bank of Australia expect to price the transaction during London time on the same day as launch.
On 14 November, China Construction Bank Sydney Branch (CCB Sydney) (A/A1/A) launched a new three-year, senior-unsecured benchmark floating-rate note in the domestic market. Indicative price guidance for the deal is 98 basis points area over three-month bank bills. ANZ, Commonwealth Bank of Australia, National Australia Bank, UBS and Westpac Institutional Bank are joint lead managers.
On 14 November, ME Bank (BBB/Baa1) launched its new Australian dollar perpetual non-call five-year additional tier-one capital notes deal, via National Australia Bank and Westpac Institutional Bank. Indicative price guidance for the transaction is 525 basis points area over three-month bank bills.