News
A minimum A$500 million (US$380.6 million) three-tranche senior nonpreferred EMTN issue for Banco Santander (A-/A3-/A) progressed to launch on 11 July. The forthcoming transaction is divided between minimum A$200 million 5.5-year floating-rate, A$150 million minimum 5.5-year fixed-rate and A$150 million minimum 10-year fixed-rate tranches. Initial price guidance is 170 and 215 basis points area respectively on the 5.5-year and 10-year notes.
Inter-American Development Bank (IADB) (AAA/Aaa) launched a minimum NZ$100 million (US$72.5 million) seven-year Kauri bond on 11 July. According to lead managers ANZ and Commonwealth Bank of Australia, books are expected to close during the afternoon of 12 July.
University of Technology Sydney (UTS) (Aa1) launched a minimum A$200 million (US$152.1 million) Australian dollar-denominated senior-unsecured transaction on 11 July. Initial pricing on the forthcoming 10-year deal is in the area of 100-105 basis points over semi-quarterly swap.
Beyond Bank launched Barton Series 2017-1 residential mortgage-backed securities (RMBS) on 10 July. Indicative volume on the forthcoming deal is A$350 million (US$266 million) minimum, according to arrangers ANZ and Westpac Institutional Bank.
Société Générale (SocGen) (A/A2/A) launched a tap to its May 2027 Australian dollar-denominated tier-two EMTN on 10 July. Initial yield guidance is in the area of 4.95 per cent and the notes are expected to be rated BBB/Baa3/A-.
On 10 July, the Australian Office of Financial Management (AOFM) (AAA/Aaa/AAA) launched a syndicated tap of its June 2039 benchmark bond. Initial price guidance on the forthcoming tap issue, which will be of “modest size”, is 64-66 basis points area over the implied bid yield for the primary 10-year Treasury bond futures contract.
University of Technology Sydney (UTS) (Aa1) mandated banks for a 10-year Australian dollar-denominated senior-unsecured transaction on 10 July. Initial price guidance is in the area of 105 basis points over semi-quarterly swap. The deal is expected to price in the near future, according to lead managers ANZ and National Australia Bank.