News
Lloyds Banking Group (Lloyds) (BBB+/A3/A+) launched a 10-year Australian dollar denominated senior-unsecured benchmark bond on 14 November. Indicative price guidance for the deal is 170 basis points area over semi-quarterly swap. Joint lead managers are ANZ, National Australia Bank, Nomura, TD Securities and Westpac Institutional Bank.
On 13 November, NWB Bank (NWB) (AAA/Aaa) launched a minimum A$15 million (US$11.5 million) increase to its July 2027 Kangaroo. The transaction has indicative price guidance of 63 basis points area over semi-quarterly swap. Pricing is expected on day of launch, according to lead manager TD Securities.
On 13 November, ME Bank (BBB/Baa1) announced plans for a new Australian dollar perpetual non-call five-year additional tier-one capital notes transaction. The deal will launch in the near future according to joint lead managers National Australia Bank and Westpac Institutional Bank.
On 13 November, University of Wollongong (UOW) (AA by S&P) revealed plans to meet with investors regarding a possible Australian dollar-denominated transaction. The meetings, to be arranged by ANZ and National Australia Bank, will occur in the week beginning 20 November.
Commonwealth Bank of Australia (CommBank) launched its prime residential mortgage-backed securities (RMBS) transaction, Medallion Trust Series 2017-2, on 13 November. The transaction has indicative total volume of A$750 million (US$573.5 million) and is expected to price on 17 November.
On 13 November, QMS Media (QMS) (NR) revealed plans to issue a new five-year senior-unsecured issue. According to an announcement lodged with the Australian Securities Exchange, QMS will raise minimum volume of A$50 million (US$38.2 million) from the offering, with the ability to increase the size depending on oversubscription levels.
On 13 November, Toyota Finance Australia (TFA) (AA-/Aa3) launched a minimum A$100 million (US$76.6 million) five-year senior-unsecured EMTN transaction. The forthcoming deal has indicative price guidance of 70 basis points area over semi-quarterly swap. ANZ and National Australia Bank are leading the transaction.
A short week for much of Australia limited headline deal flow, though the securitisation market continued its impressive track record of new issuance in 2017. Highlights included a return to euro issuance by Liberty Financial and a rare New Zealand securitisation, issued in this case by Resimac.