News
ETSA Utilities Finance (ETSA Utilities), guaranteed by SA Power Networks (A/A3), revealed plans for a series of fixed-income investor meetings to take place in Tokyo, Hong Kong, Singapore, Melbourne and Sydney, beginning on 4 August.
QT Mutual Bank (QT Mutual) (BBB+/Baa1) launched a new, A$25 million (US$19.8 million) minimum two-year floating-rate note (FRN) on 25 July. Price guidance is in the area of 120 basis points over three-month bank bills.
The new, three-year senior-unsecured domestic benchmark for National Australia Bank (NAB) (AA-/Aa3/AA-) progressed to launch on 25 July. The self-led deal has initial price guidance in the area of 63 basis points over semi-quarterly swap or bank bills and is expected to price on the same day as launch.
A report published on 25 July by Responsible Investment Association Australasia (RIAA) suggests that nearly half of all “professionally managed” assets in Australia were subject to some form of responsible-investment strategy in 2016. Most of this asset base is managed under what RIAA calls “broad” responsible-investment approaches, but the quickest growth is taking place in the more closely defined “core” category.
National Australia Bank (NAB) (AA-/Aa3/AA-) mandated a new, Australian dollar senior benchmark transaction on 24 July. The self-led, August 2020-maturity, deal is expected to launch during the week beginning 24 July, subject to market conditions.
On 24 July, Resimac launched its Australian dollar-denominated residential mortgage-backed securities (RMBS) transaction, Resimac Premier Series 2017-2. The forthcoming deal has an indicative volume of A$500 million (US$396.2 million) and it is expected to price on or before 28 July, according to the arranger National Australia Bank, and joint lead managers J.P. Morgan, Mizuho and Westpac Institutional Bank.
On 24 July, European Investment Bank (EIB) (AAA/Aaa/AAA) launched a new Australian dollar-denominated, 10.5-year climate awareness bond. Price guidance on the forthcoming Kangaroo is 55 basis points area over semi-quarterly swap, or 67.875 basis points over Australian Commonwealth government bond.
New South Wales Treasury Corporation (TCorp) (AAA/Aaa) mandated a syndicated tap of its 20 February 2030 nominal benchmark bond on 24 July. The tap issue will bring the total amount outstanding in this line to more than A$1 billion (US$791 million) and is driven by a requirement to lengthen TCorp’s debt profile, the issuer reveals.
Australian Catholic University (ACU) (Aa2) mandated banks for an Australian dollar-denominated, 10-year sustainability bond. Indicative volume on the forthcoming transaction is A$200 million (US$158.5 million) with initial price talk in the area of 105 basis points over semi-quarterly swap.
In the penultimate week of July, the Australian Prudential Regulation Authority published its determination of the definition of "unquestionably strong" in relation to Australia's big-four banks. Meanwhile, L-Bank priced its first 10-year Kauri deal, one of three transactions to come to the New Zealand market.
