News
Rentenbank (AAA/Aaa/AAA) mandated an increase to its 12 April 2028 Kangaroo bond late in the day on 24 October. The minimum A$50 million (US$38.9 million) tap issue has price guidance of 49 basis points over semi-quarterly swap, equivalent to 51.75 basis points area over Australian Commonwealth government bond. Nomura and TD Securities are leading.
On 24 October, Eclipx Group (Eclipx) disclosed that it would engage with investors in relation to its Eclipx Turbo Trust asset-backed securities (ABS) programme. The meetings will be arranged by ANZ, National Australia Bank and Westpac Institutional Bank, with an Australian dollar-denominated ABS deal to potentially follow.
On 24 October, Fonterra Co-operative Group (Fonterra) (A-/A) revealed plans for a potential 10-year Kangaroo bond. Joint lead managers ANZ, Commonwealth Bank of Australia, National Australia Bank and Westpac Institutional Bank will arrange the deal, which is slated for launch and pricing later the same week.
Powerco returned to the US private placement (USPP) market in September, printing a NZ$125 million (US$87.3 million) 12-year deal and New Zealand’s first-ever floating-rate USPP. Investors, rather than the issuer, assumed the basis-swap risk during the transaction, explains Stuart Marshall, treasurer at Powerco in New Plymouth.
On 24 October, NWB Bank (NWB) (AAA/Aaa) launched a minimum A$15 million (US$11.7 million) increase to its July 2027 Kangaroo bond. Indicative price guidance for the forthcoming transaction is 62 basis points area over semi-quarterly swap and 67.75 basis points area over the Australian Commonwealth government bond. TD Securities is leading.
Westpac Banking Corporation (Westpac) (AA-/Aa3) launched a new, senior-unsecured, domestic self-led transaction on 24 October. The forthcoming five-year benchmark will emerge in either or both of fixed- and floating-rate formats and has indicative price guidance of 84 basis points area over swap benchmarks.
On 24 October, Resimac Home Loans (Resimac) revealed plans to hold a series of investor meetings in relation to its residential mortgage-backed securities (RMBS) Versaille programme. A potential New Zealand dollar-denominated transaction may follow, according to arrangers BNZ and Westpac Institutional Bank.
Suncorp Group (Suncorp) disclosed its intention to issue a new additional tier-one (AT1) deal, Suncorp Capital Notes 2, on 23 October. On the same day, Bendigo and Adelaide Bank (BEN) completed the bookbuild for its latest hybrid, CPS4.
In September, KangaNews hosted representatives of Australia’s most significant nonbank lenders at the first-ever sector roundtable discussion. On the agenda were funding markets and investor relations, the outlook for the Australian housing market and regulatory oversight of the sector.
Alex Struc, head of ESG portfolio management at PIMCO in London, talks about how his team scores and manages environmental, social and governance risk for PIMCO’s investments.