News
Dexus Finance (Dexus) (A-/A3) revealed on 24 April that it has mandated banks to help it assess funding opportunities in the 10-year part of the domestic curve. A transaction may follow subject to market conditions, according to leads ANZ and Commonwealth Bank of Australia.
Australian Rail Track Corporation (ARTC) (A1) has disclosed plans to update debt investors in Australia and Asia, beginning 1 May. An Australian dollar-denominated transaction may follow the meetings, which are being arranged by National Australia Bank and Westpac Institutional Bank.
SGSP Australia Assets (SGSP) (A-/A3) has disclosed plans for an investor update in Asia, Australia and Europe ahead of a potential Reg S transaction. The issuer is keeping its options open before the roadshow, which will commence on 1 May, as it will explore demand for 7-10 year issuance denominated in Australian dollars, euros or US dollars. Commonwealth Bank of Australia, HSBC and Mizuho Securities are arranging the investor meetings.
Volkswagen Financial Services Australia (VWFS) revealed on 24 April that it has mandated banks to arrange a debt investor update in relation to its Driver Australia asset-backed securities (ABS) programme. An Australian dollar-denominated transaction may follow, the meetings’ arrangers ANZ and HSBC add.
Vicinity Centres (Vicinity) says all-in cost on its debut domestic transaction was very attractive even though some domestic investors reveal they sat the deal out based on sector preference and spread widening. Despite a slightly softer market backdrop, buy-side sources say they expect solid demand for corporate credit to continue.
Vicinity Centres debuted in the domestic market during the third week of April, printing A$400 million (US$301.5 million) of seven- and 10-year notes. Meanwhile, Wells Fargo & Company issued A$1.2 billion in global format and Goldman Sachs Group printed A$500 million in a dual-tranche total loss absorbing capacity-compliant deal.
African Development Bank (AfDB) (AAA/Aaa) launched an increase of its July 2027 Kangaroo bond on 21 April. The forthcoming transaction is being marketed at a spread of 51 basis points over semi-quarterly swap and 67 basis points over Australian Commonwealth government bond. J.P. Morgan is leading and the transaction will price on day of launch.
Heritage Bank (Heritage) priced a three-year floating-rate note offer in the domestic market on 20 April, The ANZ- and National Australia Bank-led transaction had price guidance of 133 basis points over bank bills, having been mandated a day earlier with “low 130s” basis points price guidance.
On 20 April, the responsible entity for BWP Trust (A-), BWP Management, revealed plans to update investors in relation to a potential Australian dollar five-year deal. Commonwealth Bank of Australia and Westpac Institutional Bank are arranging the forthcoming meetings.