News
Kommunalbanken Norway (KBN) (AAA/Aaa) mandated an increase to its July 2025 Kangaroo on 2 May. The transaction will price on 3 May and is being marketed in the area of 62 basis points over semi-quarterly swap.
On 2 May, the responsible entity for BWP Trust (A-), BWP Management, launched and priced its five-year domestic deal. The transaction had indicative volume of A$100 million (US$75.4 million) and price talk in the area of 125 basis points over semi-quarterly swap.
On 2 May, Volkswagen Financial Services Australia (VWFS) revealed that it has started taking indications of interest on its new Australian dollar asset-backed securities (ABS) issue, Driver Australia Four. Timing of launch will be subject to market conditions, lead managers ANZ and HSBC add.
Lendlease Real Estate Investments as responsible entity of Australian Prime Property Fund Retail (APPF Retail) (A+ by S&P) revealed on 1 May that it has mandated banks to arrange “one or more” Australian debt investor-update meetings, as well as an Asian investor teleconference.
On 1 May, AMP Bank (AMP) disclosed plans to engage with investors in relation to its Progress residential mortgage-backed securities (RMBS) programme. According to the meetings’ arrangers – Deutsche Bank, MUFG Securities, National Australia Bank and Westpac Institutional Bank – a potential Australian dollar funding and capital-relief transaction may follow.
Crown Group Finance (Crown) launched an offer to buy back all or some of its November 2019 Australian dollar notes on 1 May. The purpose of the offer is, among other objectives, to reduce the cost of Crown’s outstanding liabilities and to optimise its liquidity portfolio.
On 1 May, the responsible entity for BWP Trust (A-), BWP Management, mandated a five-year Australian dollar deal. Initial price talk is in the area of 120-125 basis points over semi-quarterly swap.
Australian deal flow continued through the last week of April and a number of new mandates were also added to the pipeline. Notably, SGSP Australia Assets revealed it plans to test demand in three currencies for a potential Reg S deal, Australian Rail Track Corporation slated regional debt investor meetings and unrated NEXTDC disclosed plans for its third – and largest – domestic deal.