News
In the wake of Westpac Banking Corporation (Westpac)'s first-ever SEC-registered tier-two transaction, the issuer says as the first callable Basel III-compliant tier-two trade issued in the US market by an Australian bank, this will likely allow other Australian banks to follow. It will also enable them to issue in an efficient manner.
KfW Bankengruppe (KfW) (AAA/Aaa/AAA) printed A$100 million (US$73.8 million) in a tap to its September 2026 Kangaroo bond, on November 18. According to KangaNews data, the line was introduced in March this year for volume of A$200 million and pricing of 58 basis points over swap.
On November 17, Liberty Financial (Liberty) (BBB) disclosed plans to conduct a series of debt investor update meetings commencing the week of November 21. According to the meetings' arrangers – Commonwealth Bank of Australia and Westpac Institutional Bank – a three-year, Australian dollar-denominated, senior-unsecured transaction may follow.
On November 17, Central American Bank for Economic Integration (CABEI) (A/A1/A) printed its debut Kangaroo transaction for volume of A$75 million (US$56.1 million) - upsized from a launch volume of A$50 million. The transaction priced flat to initial guidance of 180 basis points over semi-quarterly swap.
On November 17, Firstmac printed A$145 million (US$108.4 million) of new notes out of its Firstmac Mortgage Funding Trust Series 2E-2013 residential mortgage-backed securities (RMBS) transaction. The refinancing deal priced flat to initial guidance of 130 basis points over one-month bank bill swap rate.
Toyota Finance Australia (TFA) (AA-/Aa3) has mandated a potential Australian dollar-denominated senior-unsecured transaction, a November 16 announcement revealed. According to KangaNews data, TFA printed its most recent domestic transaction in September. This A$150 million (US$113 million) one-year deal printed at 40 basis points over bank bill swap rate.
On November 15, Bendigo and Adelaide Bank (BEN) (A-/A2/A-) printed A$400 million (US$302 million) - from a launch volume of A$300 million - in a new 3.25-year benchmark transaction. Final pricing came in at 110 basis points over three-month bank bill swap rate (BBSW). Earlier guidance marketed the transaction in the area of 107-110 basis points over BBSW. According to KangaNews data, BEN was most recently in the domestic market in April this year when it printed A$650 million of five-year notes at 146 basis points over BBSW.
European Investment Bank (EIB) (AAA/Aaa/AAA) added A$100 million (US$75.4 million) to its August 2026 Kangaroo bond, on November 14. The transaction priced flat to initial guidance of 59 basis points over semi-quarterly swap. EIB's 2026 line was introduced in February this year for volume of A$150 million and was most recently tapped in May, by A$100 million at 54 basis points over swap.
On November 14, Inter-American Development Bank (IADB) (AAA/Aaa/AAA) printed A$30 million (US$22.6 million) - from a minimum volume of A$25 million - in an increase to its April 2027 Kangaroo bond. The tap transaction priced flat to initial price guidance of 49 basis points over semi-quarterly swap. According to KangaNews data, the line was introduced in October this year for volume of A$125 million and pricing of 50 basis points over swap.
In the wake of its latest domestic syndication, South Australian Government Financing Authority (SAFA) (AA/Aa1) says the unconventional lead-manager arrangement it selected fulfilled an objective to stimulate a broader level of market conversation. According to the issuer, this method increased SAFA's exposure to potential new investors.