News
Latitude Finance Australia (Latitude) capped the size of its second-ever public securitisation deal and ran a limited marketing process to reward investors that have consistently provided reverse enquiry since the issuer’s March debut. Latitude says further investor diversity remains part of its funding strategy and this goal will likely be to the fore in its next deal – which may be backed by different collateral.
World Bank launched its return to the Kangaroo and Kauri markets on 12 September, via ANZ, Deutsche Bank and TD Securities. The supranational is seeking a minimum of A$300 million (US$241 million) in a new September 2022 Kangaroo with an indicative margin of 33 basis points over swap or 46 basis points over Australian Commonwealth government bond.
Lloyds Banking Group (Lloyds) (BBB+/Baa1/A+) launched an Australian dollar-denominated 5.5-year deal on 12 September. Price guidance on the forthcoming transaction, which is expected to emerge in either or both of fixed- and floating-rate format, is in the area of mid 130s basis points over swap benchmarks. ANZ, National Australia Bank, Nomura, TD Securities and Westpac Institutional Bank are leading.
La Trobe Financial launched a nonconforming residential mortgage-backed securities (RMBS) transaction, La Trobe Financial Capital Markets Trust 2017-2 (La Trobe Financial 2017-2), on 11 September. The forthcoming deal has indicative volume of A$370 million (US$297.5 million) and a nine-tranche structure, and is expected to price on 13 September.
On 11 September, Qudos Mutual (BBB-/S&P) disclosed plans to hold a debt investor update call on 12 September, ahead of a potential debut one-year floating-rate senior deal. Westpac Institutional Bank is arranging the call.
ME Bank's latest residential mortgage-backed securities (RMBS) issue, SMHL Series 2017-1 RMBS, progressed to launch on 11 September. The forthcoming deal has indicative volume of A$500 million (US$402.5 million) and is due to price on or before 15 September, arranger National Australia Bank and additional lead managers ANZ, Deutsche Bank and Westpac Institutional Bank add.
Westpac Banking Corporation (Westpac) (AA-/Aa3/AA-) launched a minimum A$300 million (US$241.6 million) increase to its October 2020-maturity, floating-rate note (FRN) domestic deal on 11 September. Price guidance on the forthcoming self-led tap is 61 basis points area over three-month bank bills.