News

MyState Bank started taking indications of interest for its Conquest 2017-1 residential mortgage-backed securities (RMBS) deal on 15 May. The forthcoming six-tranche transaction has indicative volume of A$400 million (US$296.1 million).

NWB Bank (AAA/Aaa) mandated a tap to its July 2027 Kangaroo bond on 15 May. The forthcoming transaction has initial price guidance of 67 basis points over semi-quarterly swap and is expected to price on 16 May.

Crown Group Finance (Crown) revealed on 12 May that it has extended the deadline on its offer to buy back all or some of its November 2019 Australian dollar notes. The offer was announced on 1 May.

Bank of Queensland introduced conditional pass through to Australian covered bonds during the second week of May while New South Wales Treasury Corporation revealed it has reduced its expected term-funding task for the current year to a A$200 million (US$147.7 million) net repayment through the completion of the long-term lease of Endeavour Energy. Deal flow also continued apace.

On 11 May, the five-year, senior domestic deal for Toyota Finance Australia (Toyota Finance) (AA-/Aa3) progressed to launch. Initial price talk on the minimum A$150 million (US$110.6 million) fixed-rate transaction is 90-93 basis points area over semi-quarterly swap.

The 11 May completion of the long-term lease of Endeavour Energy (Endeavour), the New South Wales (NSW) electricity distributor, has caused NSW Treasury Corporation (TCorp) to reduce its expected term-funding task for the current year to a A$200 million (US$146.8 million) net repayment of debt from the A$4 billion of net issuance previously forecast.