News

Bank of Queensland (BOQ) (A3/A-) revealed on 11 May that it has established a Reg S covered-bond programme with conditional pass-through (CPT) features. BOQ is the first Australian bank to introduce such a programme, which allows issuers at lower rating levels more efficient access to triple-A-rated covered-bond issuance.

On 11 May, the seven-year domestic deal for Lendlease Real Estate Investments, as responsible entity of Australian Prime Property Fund Retail (APPF Retail) (A+ by S&P), progressed to launch. The forthcoming transaction has minimum volume of A$100 million (US$73.6 million) and initial price talk of 130 basis points area over semi-quarterly swap.

ING Bank Australia (ING Australia) is planning to engage with investors in relation to its Idol Trust residential mortgage-backed securities (RMBS) programme, the issuer revealed on 11 May. ING, Macquarie Bank, National Australia Bank and Westpac Institutional Bank are arranging the investor meetings, after which an Australian dollar RMBS deal may follow.

Bluestone Group (Bluestone) began taking indications of interest on a residential mortgage-backed securities (RMBS) issue, Sapphire XVI 2017-1, on 11 May. The transaction has a 10-tranche structure (see table below), in which the class B, C, D and E notes are preplaced according to the deal's lead managers.

On 11 May, GMT Bond Issuer (BBB) – the financing entity of Goodman Property Trust – revealed it is considering an offer of seven-year, fixed-rate, senior-secured bonds. The offer, which will be targeted at institutional and New Zealand retail investors, will be made under the same-class exemption rules.

Oesterreichische Kontrollbank (OKB) (AA+/Aa1) mandated an increase to its August 2025 Kangaroo bond on 10 May. The increase, which is due to price on 11 May, has Deutsche Bank as its sole lead and is being marketed at 62 basis points over semi-quarterly swap.