News
International Finance Corporation (IFC) (AAA/Aaa) launched a minimum A$50 million (US$38.3 million) tap to its October 2027 Kangaroo bond on 1 November. Indicative price guidance for the forthcoming transaction is 43 basis points area over semi-quarterly swap and 52.25 basis points area over April 2027 Australian Commonwealth government bonds. The deal will price on the same day as launch, according to sole lead manager Mizuho.
For National Australia Bank (NAB), understanding the value of sustainability and implementing the measures needed to support it at the institutional level starts with a perspective on the world outside the bank. NAB’s focus is on shared value – the concept that corporate performance can and should go hand-in-hand with positive sustainability outcomes.
S&P Global Ratings (S&P) stayed its hand on Australia’s sovereign rating following the release of the Commonwealth’s mid-year economic and fiscal outlook (MYEFO) on 19 December 2016.
Columbus Capital (Columbus) began taking indications of interest on its Triton 2017-2 residential mortgage-backed securities (RMBS) transaction on 1 November. The forthcoming deal has indicative volume of A$400 million (US$306.4 million) and is being led by Deutsche Bank, MUFG Securities, National Australia Bank and Westpac Institutional Bank.
On 1 November AMP Bank revealed plans to engage with investors in relation to its Progress residential mortgage-backed securities (RMBS) programme. Deutsche Bank, Macquarie Bank, MUFG Securities, National Australia Bank and Westpac Institutional Bank will arrange the series of meetings, with a potential Australian dollar-denominated funding and capital-relief transaction to follow.
ME Bank (BBB/Baa1) launched a minimum A$200 million (US$153.2 million) senior-unsecured deal on 1 November. Indicative price guidance on the three-year floating-rate note (FRN) transaction is 130 basis points area over three-month bank bills. Commonwealth Bank of Australia, National Australia Bank and UBS are leading, with pricing expected the same day as launch.
A quartet of Kangaroo deals priced in October took New Zealand-origin supply in the Kangaroo market to a new annual record. Deal sources say the evolution of the Australian credit market – especially increased consistency of liquidity at the 10-year mark – should keep the trans-Tasman option on the agenda for a clutch of Kiwi corporates.
On 31 October, African Development Bank (AfDB) (AAA/Aaa) launched a minimum A$30 million (US$23 million) increase to its July 2027 Kangaroo bond, via Mizuho Securities. Price guidance is 47 basis points area over semi-quarterly swap and 55 basis points area over Australian Commonwealth government bonds.
China Construction Bank New Zealand (CCB New Zealand) (A/A1) launched a minimum NZ$75 million (US$51.6 million) five-year domestic deal on 31 October. Indicative price guidance is 135-145 basis points area over mid-swap, according to joint lead managers ANZ, Commonwealth Bank of Australia and Westpac Institutional Bank.
On 31 October, ME Bank (BBB/Baa1) revealed plans for a potential three-year, senior-unsecured domestic benchmark transaction. Indicative price guidance on the floating-rate deal is 135 basis points area over three-month bank bills. Commonwealth Bank of Australia, National Australia Bank and UBS are joint lead managers.