News
On 6 June, South Australian Government Financing Authority (SAFA) (AA/Aa1) launched a syndicated increase of up to A$750 million (US$561.8 million) to its September 2027 benchmark bond. The forthcoming deal is being marketed in the area of 61-62 basis points over EFP or 57.75-58.75 basis points over Australian Commonwealth government bond.
Commonwealth Bank of Australia printed A$2.4 billion (US$1.8 billion) and Credit Union Australia A$900 million in new residential mortgage-backed securities deals during the first days of June. Meanwhile across the Tasman Sea, Westpac New Zealand printed NZ$500 million (US$354 million) in a new five-year senior domestic deal.
Newcastle Permanent Building Society (NPBS) (BBB/A2) launched a new two-year senior-unsecured transaction on 2 June, seeking indicative volume of A$50 million (US$36.9 million). The deal, which has Westpac Institutional Bank as lead, is being marketed at 120 basis points over bank bills area and will price on day of launch.
Auswide Bank (Auswide) has disclosed plans to engage with investors on its ABA Trust residential mortgage-backed securities (RMBS) programme ahead of a potential Australian dollar funding and capital relief transaction. ANZ and Westpac Institutional Bank have the mandate.
In its monthly funding plan update, published on 1 June, South Australian Government Financing Authority (SAFA) disclosed plans to issue a syndicated increase of its September 2027 benchmark bond in the week beginning 5 June. The forthcoming transaction will be for up to A$750 million (US$553.2 million) and has Bank of America Merrill Lynch, HSBC, National Australia Bank and Westpac Institutional Bank as leads.
On 1 June, Industrial and Commercial Bank of China, Sydney Branch (ICBC Sydney) (A/A1/A) launched a minimum A$50 million one-year domestic deal. Initial price guidance for the forthcoming transaction is 65 basis points over three-month bank bill swap rate.