News
African Development Bank (AfDB) (AAA/Aaa) launched a minimum A$25 million (US$19.6 million) increase to its July 2027 Kangaroo bond on 17 October. Price guidance on the forthcoming tap issue is 47 basis points area over semi-quarterly swap or 54.75 basis points area over Australian Commonwealth government bond. TD Securities is leading.
KfW Bankengruppe (KfW) (AAA/Aaa/AAA) launched an increase to its July 2020 Kangaroo green bond on 17 October. The increase will be capped at A$200 million (US$156.9 million) and is being marketed at 14 basis points area over semi-quarterly swap, according to lead managers RBC Capital Markets and TD Securities.
Despite countless doubters and detractors, the European Central Bank (ECB) joined the multi-asset-buying policy trail in Q1 2015. To some, this unprecedented, extensive and expansionary monetary action saved the euro, or at least prevented an economic recession turning into a potentially irreparable depression. Market participants are now asking what comes next.
On 17 October, Nissan Financial Services (Nissan Australia) (A/S&P) launched an indicative A$100 million (US$78.5 million) domestic deal with indicative price guidance of 40 basis points area over three-month bank bill swap rate. The deal is expected to price on the same day as launch, according to lead manager Commonwealth Bank of Australia.
New South Wales Treasury Corporation (TCorp) (AAA/Aaa) revealed on 17 October that it has mandated a new April 2029 benchmark bond by syndication. The forthcoming deal is expected to price on 18 October, via lead managers ANZ, Deutsche Bank, UBS and Westpac Institutional Bank.
Oesterreichische Kontrollbank (OKB) (AA+/Aa1) launched a minimum A$25 million (US$19.7 million) tap to its August 2027 Kangaroo bond on 16 October. Price guidance on the forthcoming deal, which is expected to price the day after launch, is 63 basis points area over semi-quarterly swap, according to lead manager RBC Capital Markets.
Columbus Capital (Columbus) revealed on 16 October that it plans to meet investors to discuss a potential deal off its Triton residential mortgage-backed securities (RMBS) programme. An Australian dollar-denominated prime RMBS transaction may follow the meetings, which are being arranged by Deutsche Bank, MUFG Securities, National Australia Bank and Westpac Institutional Bank.
On 16 October, Liberty Financial (Liberty) announced its intention to engage with investors ahead of a potential residential mortgage-backed securities (RMBS) transaction. Commonwealth Bank of Australia, Deutsche Bank, National Australia Bank and Westpac Institutional Bank will arrange the meetings.
On 16 October, China Construction Bank New Zealand (CCB New Zealand) (A/A1) revealed plans to meet investors in Auckland and Wellington ahead of a potential domestic deal. The meetings are being arranged by ANZ, Commonwealth Bank of Australia and Westpac Institutional Bank.
Resimac’s latest nonconforming residential mortgage-backed securities (RMBS) transaction, Resimac Bastille Trust Series 2017-1, progressed to launch on 16 October. The transaction comprises eight tranches with indicative volume of A$500 million (US$393.7 million).
On 16 October, the Australian Office of Financial Management (AOFM) (AAA/Aaa/AAA) launched a syndicated tap of its March 2047 benchmark bond. Indicative price guidance is 75-77 basis points area over the implied bid yield for the 10-year treasury bond futures contract, according to joint lead managers Citi, Deutsche Bank and TD Securities. The forthcoming tap will be of ‘modest’ volume and the AOFM will be mindful of the performance of the bond when considering the timing of future issuance.
On 16 October, Bendigo and Adelaide Bank (BEN) revealed plans for a new Convertible Preference Shares (CPS) transaction, CPS4. The additional tier-one (AT1) qualifying notes have indicative volume of A$300 million (US$236.4 million) and price guidance of 375-395 basis points over three-month bank bills.