News
Bendigo and Adelaide Bank (BEN) launched the class A note of its Torrens Series 2017-3 (Torrens 2017-3) residential mortgage-backed securities (RMBS) transaction on 14 August. This tranche, which is rated triple-A by S&P Ratings Services and Fitch Ratings, has indicative volume of A$690 million (US$544.3 million) and price guidance in the area of 100-103 basis points over one-month bank bill swap rate for a weighted average life of 3.3 years.
Optus Finance (Optus) (A by S&P), the wholly owned subsidiary of Singtel Optus (A2), mandated a new five-year domestic deal on 14 August. ANZ and Commonwealth Bank of Australia are leading.
The Australian market saw volume of more than A$3.5 billion (US$2.8 billion) during the second week of August. Highlights included Victoria Power Networks Finance, which printed A$150 million in a new 10-year domestic deal, Places for People Finance's debut Kangaroo transaction and Pepper Australia's debut I-Prime securitisation.
Commonwealth Bank of Australia (CommBank) (AA-/Aa3/AA-) mandated a minimum A$300 million (US$235.9 million) one-year floating-rate senior transaction on 11 August. Initial price guidance on the self-led deal is in the area of 26 basis points over three-month bank bill swap rate with launch and pricing expected on the same day as the mandate.
