News
AMP Bank (A+/A2) priced an upsized from A$300 million (US$230.1 million) five-year senior-unsecured floating-rate note (FRN) transaction on 24 March. Price guidance was 108 basis points area over three-month bank bill swap rate.
Hyundai Capital Services (Hyundai) (A-/Baa1/BBB+) priced a five-year benchmark Kangaroo bond on 24 March. According to lead managers – ANZ, National Australia Bank, UBS and Westpac Institutional Bank – the deal was marketed in the context of 130-135 basis points over semi-quarterly swap and bank bill swap rate.
MC Finance Australia (Mitsubishi Corp) announced the results of its buyback offer on 24 March. The issuer offered to repurchase two series of Australian dollar notes on 10 March and the offer was extended to 23 March from its original expiry date of 21 March. The purpose of the offer was to reduce Mitsubishi Corp’s outstanding debt and optimise its capital structure.
On 23 March, Sumitomo Mitsui Financial Group (SMFG)’s (A-/A1) priced a new Australian dollar-denominated, five-year SEC-registered benchmark issue. Initial price thoughts were in the context of 130-135 basis points over one-month bank bills and semi-quarterly swap.
Vicinity Centres (A/A2) revealed on 23 March that it is planning to meet investors across Asia and Australia in the week beginning 3 April to provide an Australian debt update. National Australia Bank and Westpac Institutional Bank are arranging the forthcoming meetings, which may be followed by a capital-markets transaction.
On 23 March, Pepper Australia (Pepper) priced its latest residential mortgage-backed securities (RMBS) issue, Pepper Residential Securities Trust No. 18. The deal was upsized from A$600 million (US$462.4 million). Price guidance was 135-140 basis points area over one-month bank bills on the A$128-210 million, 2.1-year weighted-average life (WAL) class A1-a notes, 210-220 basis points over bills on the A$73.2 million 2.1-year WAL A2 notes, and 275-285 basis points over bills on the A$58.2 million 3.8-year WAL class B notes.