News
On 10 August, GPT Wholesale Shopping Centre Fund (A-) revealed plans to meet fixed-income investors in a series of meetings to be held in Australia during the week of 21 August. An Australian dollar-denominated transaction may follow, the meetings’ arrangers, ANZ and National Australia Bank, add.
Pepper Group (Pepper) launched its Pepper I-Prime 2017-2 residential mortgage-backed securities (RMBS) transaction on 10 August. Indicative volume on the forthcoming deal is A$500 million (US$394.7 million) with pricing expected on 11 August, according to arranger and lead manager National Australia Bank.
The new, A$500 million (US$394.4 million) no-grow, five-year domestic senior deal for Suncorp-Metway (Suncorp) (A+/A1/A+) progressed to launch on 10 August. Initial price guidance on the forthcoming deal is in the area of 102 basis points over three-month bank bills, according to lead managers ANZ, Commonwealth Bank of Australia, Citigroup and Westpac Institutional Bank.
On 10 August, Royal Bank of Canada Sydney Branch (RBC Sydney) (AA-/A1/AA) revealed it has launched a new, one-year domestic benchmark transaction. The self-led deal, which will price in either or both of fixed- and floating-rate format, is being marketed in the area of 32 basis points over three-month bank bills.
Places for People Treasury (A/A3) launched a new, minimum A$100 million (US$78.9 million), five-year domestic deal on 10 August with initial price guidance of 190 basis points area over semi quarterly swap.
Bendigo and Adelaide Bank (BEN) revealed on 10 August that it is taking indications of interest in relation to the Class A note of its Torrens Series 2017-3 residential mortgage-backed securities (RMBS) transaction. 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 initial price talk in the area of low 100 basis points over one-month bank bill swap rate for a weighted average life of 3.3 years.
On 10 August, Victoria Power Networks (VPN) (A-) launched a new 10-year domestic deal with a capped volume of A$150 million (US$118.4 million). Initial price guidance is in the area of 135-140 basis points over semi-quarterly swap and the deal is expected to price on the same day as launch, according to lead managers ANZ and Commonwealth Bank of Australia.
Pepper Group (Pepper) is preparing to engage with investors in relation to a potential prime Australian dollar-denominated residential mortgage-backed securities (RMBS) transaction. National Australia Bank is arranging the discussions, after which a deal could follow imminently.
New Zealand’s investment landscape has seen a step change in the use of screening over the past year according to the findings of a report published by Responsible Investment Association Australasia (RIAA). “Consumer demand combined with media and political pressure in 2016” sparked 2,500 per cent year-on-year growth in “core” or screened assets under management, to NZ$42.7 billion (US$31.2 billion).
Teachers Mutual Bank (Teachers Mutual) (BBB/Baa1) disclosed on 9 August that it is preparing to meet investors in a series of meetings to begin on 23 August. A potential Australian dollar-denominated, tier-two deal may follow, according to the meetings’ arranger Commonwealth Bank of Australia.