News
In the wake of a brace of recent additional tier-one (AT1) deals from big-four Australian banks, heads of funding tell KangaNews they expect the domestic retail market to continue to provide the bulk of this type of capital. This is despite a massive oversubscription greeting a rare foray into foreign-currency AT1 issuance by Westpac Banking Corporation (Westpac).
Auckland International Airport (Auckland Airport) (A-) is exploring an issue of 2023-maturity bonds under retail documentation under New Zealand’s same-class exemption rules. The issuer says full details of the bond offer will be released prior to an opening date “on or around” 9 October. Westpac Institutional Bank is the “organising participant” and leads alongside Commonwealth Bank of Australia.
In March this year, Western Australia (WA) had its first change of government in eight years. Following the September delivery of his first budget, the state’s treasurer, Ben Wyatt, talked to KangaNews about the new government’s targets of financial prudence, and how its revenue and expenditure measures should reassure investors, markets and rating agencies.
Resimac will engage with investors in relation to its nonconforming residential mortgage-backed securities (RMBS) programme, Bastille, ahead of a potential new RMBS transaction, the issuer revealed on 28 September. Commonwealth Bank of Australia, Deutsche Bank, Macquarie Bank and National Australia Bank are arranging the meetings.
Dunedin City Treasury (AA) launched a dual-tranche, institutional format domestic deal on 28 September, via ANZ and Westpac Institutional Bank. The issuer is offering three-year floating-rate notes and seven-year fixed-rate bonds in the deal, which is for aggregate volume of up to NZ$80 million (US$57.8 million).
Kommunalbanken Norway (KBN) (AAA/Aaa) began marketing an increase to its July 2024 Kangaroo bond on 27 September. The forthcoming deal has price guidance of 52 basis points area over semi-quarterly swap and will price the day after launch, according to sole lead Deutsche Bank.