News
On 17 February, DBS Bank Australia Branch (DBS Australia) (AA-/Aa1/AA-) revealed it plans to meet Australian investors during the week of 20 February in relation to a potential Australian dollar deal. According to KangaNews data, if a transaction follows it will be DBS’s debut domestic deal in Australia. DBS has previously issued in Kangaroo format, most recently printing a A$750 million (US$577 million) three-year covered bond in May last year.
Queensland Treasury Corporation (QTC) took a step towards becoming Australia’s second semi-government green-bond issuer on 15 February, as it disclosed that it has secured preissuance certification from the Climate Bonds Initiative (CBI). QTC says it plans to arrange investor meetings “in the coming weeks” to discuss a green-bond transaction.
Following the completion of the bookbuild of National Australia Bank (NAB)’s new tier-two deal – Australia’s first retail-targeted transaction for this asset class in three-and-a-half years – the deal’s arranger suggests there is a compelling reason for other issuers to consider a return to the listed arena.
On 16 February, Central American Bank for Economic Integration (CABEI) (A/A1/A) launched and priced a tap to its November 2026 Kangaroo line, introduced in November last year, CABEI’s tap issue was increased from minimum A$25 million volume, pricing in line with guidance of 175 basis points over semi-quarterly swap.
GPT Funds Management (GPT Funds) – the responsible entity of GPT Wholesale Office Fund No.1 (A-/S&P) – priced a new Australian domestic deal on 15 february. The transaction was upsized from minimum volume of A$100 million (US$76.2 million) and priced inside indicative pricing levels of 165 basis points area over semi-quarterly swap.
On 15 February, Northern Territory Treasury Corporation (NTTC) (Aa2) priced a syndicated increase of its 21 October 2024 benchmark bond line. The transaction printed in line with indicative volume of A$200 million (US$152.8 million).
FlexiGroup priced Flexi ABS Trust 2017-1 on 14 February. The A$265 million (US$203.4 million) no-grow asset-backed securities (ABS) transaction includes a A$50 million green tranche.