News
ETSA Utilities Finance and Bank of Tokyo-Mitsubishi UFJ Sydney branch both printed A$550 million (US$434.1 million) in dual-tranche domestic deals during the third week of August. Meanwhile, Bendigo and Adelaide Bank printed A$750 million in its second public residential mortgage-backed securities transaction of 2017.
NWB Bank (NWB) (AAA/Aaa) launched a minimum A$15 million (US$11.8 million) increase to its July 2027 Kangaroo on 18 August. The deal is being marketed at 65 basis points area over semi-quarterly swap or 74.5 basis points area over Australian Commonwealth government bond, according to lead manager Nomura.
Ausgrid made its US private-placement (USPP) market debut in early August, with a US$1.885 billion-equivalent transaction comprising 10-, 12- and 15-year tranches. Sources say the deal’s record-breaking outcome demonstrates the extent to which USPP remains a viable funding option for Australian corporates in long maturities – even if it has been cannibalised by the domestic market out to 10 years.
Asian Development Bank (ADB) (AAA/Aaa/AAA) launched a NZ$100 million (US$73.3 million) minimum increase to its May 2024 Kauri bond on 17 August. Pricing is expected the day after launch, according to lead managers ANZ and TD Securities.
ETSA Utilities Finance (ETSA Utilities), guaranteed by SA Power Networks (A/A3), launched a minimum A$100 million (US$79.3 million), five-year floating-rate note (FRN) issue on 17 August, with price guidance of 105 basis points area over bank bills.
AMP (A by S&P) disclosed on 17 August that it is preparing to meet Australian and Asian fixed-income investors in relation to an Australian dollar-denominated, 10.25-year non-call 5.25-year tier-two deal, with an expected rating of BBB+. The meetings are scheduled to commence on 18 August, arrangers National Australia Bank, UBS and Westpac Institutional Bank, reveal.
Pepper Australia (Pepper) printed a A$500 million (US$393.1 million) debut deal off a new residential mortgage-backed securities (RMBS) programme on 11 August. The Pepper I-Prime programme is more heavily weighted towards investment loans and has been developed in response to evolving investor appetite, the issuer says.