News
Export-Import Bank of Korea (Kexim) (AA/Aa2/AA-) increased its June 2027-maturity Kangaroo by A$50 million (US$37.4 million), on December 8. The tap issue priced flat to initial guidance of 127 basis points over semi-quarterly swap. According to KangaNews data, the curve-extending line was introduced in November this year for volume of A$200 million and pricing of 130 basis points over swap.
SABMiller – a subsidiary of Anheuser-Busch InBev (AB InBev) – revealed on December 7 that it has completed an exchange offer, via its fully guaranteed subsidiary FBG Treasury Australia, for its outstanding A$700 million (US$519.5 million) of senior notes due August 2020. According to the announcement, 94.36 per cent of eligible noteholders chose to participate in the offer or otherwise vote in respect of the extraordinary resolution.
On December 6, African Development Bank (AfDB) (AAA/Aaa) printed A$55 million (US$41 million) - from a launch volume of A$50 million - in a new 15-year green bond. Proceeds from the deal will be linked to AfDB's lending operations in the field of climate change adaption and mitigation. The transaction was initially marketed at 58 basis points over Australian Government commonwealth bond (ACGB).
The largest deal to emerge during the final few days of November was an upsized, A$500 million (US$371.2 million), residential mortgage-backed securities transaction off Resimac's Premier programme. Commonwealth Bank of Australia and Eclipx Group also revealed plans to explore potential securitisation deals.
On December 1, Newcastle Permanent Building Society (NPBS) (BBB+/A2) printed A$70 million (US$51.8 million) in a new September 2018 floating-rate note (FRN). According to KangaNews data, the deal is NPBS's third public domestic transaction of 2016, having printed A$200 million in a three-year FRN in March and a A$110 million tap to its April 2020 line in July.
On December 1, Resimac priced ts latest residential mortgage-backed securities (RMBS) transaction. The deal was also upsized from an indicative A$300 million structure.
On December 1, Suncorp-Metway (Suncorp) printed a A$100 million (US$74.1 million) increase to its August 2026-maturity covered bond. The transaction priced flat to initial guidance of 130 basis points over semi-quarterly swap. KangaNews data reveal that this line was introduced in August for volume of A$350 million and pricing of 135 basis points over swap.
Bendigo and Adelaide Bank (BEN) (A-/A2/A-) has priced A$125 million (US$92.5 million) of 10-year non-call five-year notes, on December 1. The transaction was upsized from a launch volume of A$100 million and priced 10 basis points tighter than initial guidance of 290 basis points over bank bill swap rate (BBSW).
The Export-Import Bank of Korea (Kexim) (AA/Aa2/AA-) has printed A$200 million (US$149.7 million) - from a minimum volume of A$100 million - in a new 10.5-year maturity transaction, a November 30 announcement revealed. The transaction priced flat to initial guidance of 130 basis points over semi-quarterly swap. Kexim has now become the first Korean issuer to join the trend for long-dated Kangaroo issuance. Although several Korean issuers have been active in the Kangaroo market none has publicly issued at longer than seven-year tenor according to KangaNews data.
On November 29, Bank of Communications Sydney Branch (BoCom Sydney) printed A$350 million (US$261.9 million) in a new three-year, senior-unsecured transaction - upsized from a launch volume of A$300 million. Initial price guidance on the transaction was in the area of 112-115 basis points over three-month bank bill swap rate (BBSW), with final pricing being set at the 112 mark.
In the wake of its debut Kangaroo transaction, Central American Bank for Economic Integration (CABEI) tells KangaNews that its investor-relations work with and subsequent significant support from a specific group of investors drove the execution of its deal – which comes approximately two years after it was first mooted.