News
HSBC Holdings (HSBC) (A/A2/AA-) launched an Australian dollar-denominated, 6.25-year non-call 5.25-year benchmark senior-unsecured EMTN on 8 November. The forthcoming deal, which will be in either or both of fixed- and floating-rate formats, has indicative price guidance in the area of 110 basis points over three-month bank bills. Commonwealth Bank of Australia, HSBC and Westpac Institutional Bank are leading.
On 8 November, Bank of Queensland (BOQ) (BBB+/A3/A-) launched a minimum A$300 million (US$229.3 million), four-year senior-unsecured domestic deal. The forthcoming transaction will be in either or both of fixed- and floating-rate format, with indicative price guidance in the area of 105 basis points over swap benchmarks. ANZ, National Australia Bank and UBS are joint lead managers.
On 6 November, Australian Gas Infrastructure Group (AGIG) – which represents Australian Gas Networks (BBB+), Multinet Gas (BBB) and Dampier Bunbury Pipeline (BBB) – announced that it will hold investor meetings in Asia and Australia regarding a possible Australian dollar denominated transaction. The meetings commence on 10 November and are being arranged by ANZ and Mizuho Securities.
On 6 November, Resimac launched Versaille 2017-1, a New Zealand dollar denominated prime and nonconforming residential mortgage-backed securities (RMBS) transaction. The seven-tranche deal has indicative total volume of NZ$250 million (US$172.2 million). Pricing is expected by 10 November, according to joint arrangers and lead managers BNZ and Westpac Institutional Bank.
The New Zealand Debt Management Office (NZDMO) announced on 6 November that it will not be proceeding with the syndicated launch of a new 2029 New Zealand government bond by the end of calendar 2017 as originally planned. The NZDMO says a “stronger than expected core Crown residual cash position” is responsible for the postponement, adding that the new bond will now likely be introduced in the first half of 2018.
Columbus Capital (Columbus) launched its Triton 2017-2 residential mortgage-backed securities (RMBS) transaction on 6 November, with pricing expected by 10 November. The forthcoming deal has indicative volume of A$400 million (US$306 million) and is being led by Deutsche Bank, MUFG Securities, National Australia Bank and Westpac Institutional Bank.
Oesterreichische Kontrollbank (OKB) (AA+/Aa1) launched a minimum A$45 million (US$34.4 million) tap to its August 2027 Kangaroo bond on 6 November, via Nomura. Price guidance is 63 basis points area over semi-quarterly swap and 73.5 basis points area over the April 2027 Australian Commonwealth government bond. Pricing is expected on day of launch.
On 6 November, Moody’s Investor Service (Moody’s) assigned preliminary ratings to Liberty Series 2017-4 Trust, a prime and nonconforming residential mortgage-backed securities (RMBS) transaction to be issued by Liberty Financial (Liberty). The deal has indicative volume of A$688.1 million (US$526.6 million) and will also be Liberty’s second issue of euro-denominated RMBS in 2017.
On 6 November, Challenger Life Company (Challenger) (A S&P) revealed plans to meet investors in Asia and Australia over the following week, to discuss a potential issue of 25-year, non-call five tier-two securities. National Australia Bank, UBS and Westpac Institutional Bank are arranging the meetings.