News
NWB Bank (NWB) (AAA/Aaa) mandated a minimum A$15 million (US$12 million) increase to its July 2027 Kangaroo bond on 30 August. The forthcoming deal is being marketed in the area of 65 basis points over semi-quarterly swap and 73 basis points over Australian Commonwealth government bond, according to sole lead Nomura.
La Trobe Financial has started taking indications of interest on a new residential mortgage-backed securities (RMBS) transaction, La Trobe Financial Capital Markets Trust Series 2017-2. The deal is expected to launch in the week beginning 11 September, according to the arranger National Australia Bank and additional lead managers Commonwealth Bank of Australia, Macquarie Bank and Natixis.
On 30 August, Santos Finance (Santos) (BBB- by S&P) disclosed plans for a series of fixed-income investor meetings and calls in Australia, Asia and London commencing on 1 September. A US dollar-denominated Reg S benchmark deal with a maturity of up to 10 years may follow, the meetings’ arrangers Citi and Deutsche Bank add.
The A$20 million (US$16 million) 10-year non-call five-year subordinated deal for Teachers Mutual Bank (Teachers Mutual) (BBB/Baa1) progressed to launch on 30 August. The transaction, which is expected to be rated Baa3, is being marketed at 280-300 basis points over three-month bank bill swap rate and is expected to price on 31 August, according to lead manager Commonwealth Bank of Australia.
Firstmac mandated a new Australian dollar residential mortgage-backed securities (RMBS) transaction on 30 August, according to lead managers ANZ, J.P. Morgan, National Australia Bank and Westpac Institutional Bank.
ANZ Banking Group (ANZ) (AA-/A3/AA-) mandated a new Australian dollar tier-two deal in EMTN format on 30 August. The 15-year non-call 10-year notes are expected to be rated BBB/Baa1, lead managers ANZ and Daiwa Capital Markets add.
Canadian Imperial Bank of Commerce (CIBC) (A+/A1/AA-) launched a minimum A$300 million (US$238.7 million) Kangaroo covered bond on 30 August. The December 2020-maturity deal is expected to be rated Aaa/AAA (Moody’s/Fitch) and will be launched in either or both of fixed- or floating-rate format, with initial price guidance in the area of 55 basis points over swap benchmarks.
GPT Wholesale Shopping Centre Fund (A-) began marketing its Australian dollar-denominated, seven-year domestic deal on 30 August. Initial price guidance is in the area of 150 basis points over semi-quarterly swap, according to lead managers ANZ and National Australia Bank.