News

International Finance Corporation (IFC) (AAA/Aaa) launched an indicative A$50 million (US$38.4 million) increase of its October 2027 Kangaroo bond on 10 October. Indicative price guidance on the J.P. Morgan-led deal is 43 basis points area over semi-quarterly swap and 55.5 basis points area over the April 2027 Australian Commonwealth government bond. Pricing is expected on day of launch.

Rentenbank (AAA/Aaa/AAA) launched a minimum A$50 million (US$38.4 million) tap of its April 2028 Kangaroo bond on 10 November, via RBC Capital Markets. Indicative price guidance is 49 basis points area over semi-quarterly swap and 56 basis points area over the May 2028 Australian Commonwealth government bond. Pricing is expected on the day of launch.

New South Wales Treasury Corporation (TCorp) (AAA/Aaa) launched a new minimum A$100 million (US$76.8 million), 20-year syndicated deal on 10 November, via UBS. Indicative price guidance is 51 basis points area over the April 2037 Australian Commonwealth government bond and 97.5 basis points area over the 10-year futures contract. Pricing is expected on day of launch.

Provisional ratings have been assigned to Progress 2017-2 Trust, AMP Bank’s forthcoming prime residential mortgage-backed securities (RMBS) transaction. The five-tranche deal has indicative total volume of A$750 million (US$576.3 million).

The Australian Office of Financial Management (AOFM) revealed on 8 November that it plans to resume selling down its remaining residential mortgage-backed securities (RMBS) portfolio, after putting the divestment process on hold in 2016. In the interim, capital repayments have seen the AOFM’s RMBS portfolio dwindle to less than A$1.7 billion of residual face value, according to its own data.