News
On 8 September, Westpac Banking Corporation (Westpac) revealed plans to conduct a global roadshow in relation to a potential offer of US dollar denominated, SEC-registered, additional tier-one securities. The roadshow is due to begin imminently, after which a transaction may follow.
Australasian primary deal flow continued at a solid pace during the first full week of September. There was particular focus on Kangaroo issuance, including Toronto Dominion Bank printing an increase of A$350 million (US$241.8 million) to its September 2018 bond. Elsewhere, South Australian Government Financing Authority completed a capped A$500 million syndicated increase to its September 2022 select line.
On 8 September 2017, Bank of Communications Sydney Branch (BoCom Sydney) launched a minimum A$100 million (US$80.6 million), December 2018-maturity, floating-rate note (FRN) transaction. The forthcoming deal has a coupon of 62 basis points over three-month bills and is expected to price on the same day as launch, according to lead manager National Australia Bank.
Toyota Finance Australia (TFA) (AA-/Aa3) mandated a minimum A$100 million (US$80.5 million), one-year floating-rate note (FRN) transaction on 8 September. Price guidance on the forthcoming deal is 26 basis points area over three-month bank bills, according to sole bookrunner National Australia Bank.
