News
NWB Bank (NWB) (AAA/Aaa) launched a minimum A$15 million (US$12 million) increase to its July 2027 Kangaroo bond on 6 September. The forthcoming tap transaction, which is due to price on the same day as launch, is being marketed in the area of 68 basis points over semi-quarterly swap or 77 basis points area over Australian Commonwealth government bond.
On 6 September, Centuria Capital Group (Centuria) (NR) launched a A$25 million (US$20 million) increase to its April 2021-maturity fixed-rate bonds. The forthcoming tap issue is expected to price on the same day as launch, according to lead manager National Australia Bank.
Asian Development Bank (ADB) (AAA/Aaa/AAA) launched a minimum A$100 million (US$79.6 million) increase to its September 2027 Kangaroo line on 5 September. The forthcoming transaction is being marketed at 45 basis points area over semi-quarterly swap and is expected to price on or before 6 September, lead managers ANZ and Deutsche Bank reveal.
Westpac Banking Corporation (Westpac) (AA-/Aa3/AA-) launched a new, self-led, one-year senior-unsecured transaction for minimum volume of A$300 million (US$238.9 million) on 5 September. The forthcoming deal is expected to price on 6 September and has initial price guidance in the area of 26 basis points over three-month bank bills.
The latest asset-backed securities (ABS) deal for Motor Trade Finance (MTF), MTF Sierra Trust 2017, progressed to launch on 5 September. The forthcoming deal has indicative volume of NZ$220 million (US$157.8 million) and a seven-tranche structure, with pricing expected on 7 September.
Volkwagen Financial Services Australia (VWFS) (BBB+/A3) revealed plans for a benchmark-sized, Australian dollar-denominated, five-year transaction on 5 September. According to the forthcoming transaction’s lead managers, Citi and HSBC, the Reg S-only deal will emerge in the near future in either or both of fixed- and floating-rate format.
The capped A$500 million (US$397.3 million) increase to the September 2022 select line for South Australian Government Financing Authority (SAFA) (AA/Aa1) progressed to launch on 5 September. The forthcoming deal is being marketed at 54.5-56.5 basis points over EFP, or 35-37 basis points over Australian Commonwealth government bond.
Rentenbank (AAA/Aaa/AAA) launched a minimum A$100 million (US$79.6 million) April 2028-maturity Kangaroo bond on 4 September. The forthcoming deal is being marketed at 50 basis points area over semi-quarterly swap and 54.875 basis points area over Australian Commonwealth government bond.
There was plenty of new primary domestic and international issuance on both sides of the Tasman Sea during the last week of August, including Latitude Finance Australia's second credit-card asset-backed securities deal and a debut domestic transaction for Bank of Nova Scotia Australia Branch.