News
KommuneKredit (AAA/Aaa) launched a minimum A$25 million (US$20 million) tap to its November 2026 Kangaroo bond on 7 September. The forthcoming transaction has initial price guidance of 62 basis points over semi-quarterly swap or 74.5 basis points over Australian Commonwealth government bond, according to lead manager RBC Capital Markets.
African Development Bank (AfDB) (AAA/Aaa) disclosed on 7 September that it has launched a minimum A$25 million (US$20 million) increase to its July 2027 Kangaroo bond. The transaction is being marketed at 47 basis points area over semi-quarterly swap, equating to 56.25 basis points over Australian Commonwealth government bond, according to Mizuho Securities.
On 7 September, ME Bank began taking indications of interest across the full capital structure of its latest residential mortgage-backed securities (RMBS) issue, SMHL Series 2017-1 RMBS, after releasing initial price guidance on the A$460 million (US$368.3 million) class A notes of the transaction on 1 September.
On 7 September, Toronto Dominion Bank (TD Bank) (AA-/Aa2) launched a minimum A$150 million (US$120.1 million) increase to its September 2018 floating-rate Kangaroo bond The forthcoming tap issue is being marketed in the area of 30 basis points over three-month bank bills and is expected to price on the same day as launch, according to sole lead TD Securities.
The Reg S Australian dollar benchmark deal for Volkswagen Financial Services Australia (VWFS) (BBB+/A3) progressed to launch on 6 September. The forthcoming transaction, which will emerge in either or both of fixed- and floating-rate format, is being marketed at 130-135 basis points over swap benchmarks, according to lead managers Citi and HSBC.
Bank of New Zealand (BNZ) (AA-/A1/AA-) launched an indicative NZ$100 million (US$90.5 million) – with the right to accept unlimited oversubscriptions – three-year floating-rate notes transaction on 6 September. The self-led wholesale deal has an indicative margin of 80-83 basis points over bank bills, with the margin scheduled to be set on 8 September.
Global Switch Property Australia (Global Switch) completed the tender offer to buy back its December 2020 domestic notes on 6 September. The offer, which was originally launched on 22 August, has seen A$86.62 million (US$69.25 million) of paper bought back by the issuer.