News
Wayne Byres, chairman of the Australian Prudential Regulation Authority (APRA), expressed in a 28 June speech his view that the final stages of Basel III planning and implementation “will largely mark the end of the cycle” for bank regulation. However, he also suggested that he does not want to see the regulatory work of the past decade unwound to serve any country’s domestic considerations.
SGSP Australia Assets (SGSP) (A-/A3) mandated a new US dollar-denominated Reg S format transaction on 28 June. The issuer is exploring a 10-year deal via lead managers Commonwealth Bank of Australia, HSBC and Mizuho Securities.
Crédit Agricole London Branch (Crédit Agricole) (A/A1/A+, with an expected issue rating of BBB+/Baa2/A+) mandated a new senior nonpreferred transaction denominated in Australian dollars on 28 June. The 10-year deal is being marketed at 180 basis points over swap area, via Crédit Agricole CIB, National Australia Bank, Nomura and TD Securities.
Rentenbank launched an increase to its March 2027 Kangaroo bond on 27 June, via Mizuho Securities. The tap is for minimum volume of A$50 million (US$38 million) and is being marketed at 49 basis points over semi-quarterly swap. Pricing is expected on 28 June.
BNG Bank (BNG) (AAA/Aaa/AA+) launched an increase to its July 2027 Kangaroo bond on 27 June. The Nomura- and RBC Capital Markets-led increase is seeking minimum volume of A$25 million (US$19 million) at an indicative margin of 64 basis points over swap area. Pricing is expected the day after launch.
On 27 June, Beyond Bank mandated banks to engage with investors around a potential transaction from its Barton residential mortgage-backed securities (RMBS) programme. An Australian dollar-denominated RMBS may follow, with capital relief expected to feature. ANZ and Westpac Institutional Bank are arranging the investor update.