News
On October 4, NWB Bank (AAA/Aaa) priced a A$115 million (US$88.2 million) increase to its September 2026 Kangaroo bond. According to KangaNews data, NWB Bank debuted this line in February for volume of A$50 million and pricing of 77 basis points over Australian Commonwealth government bond (ACGB). The line was most recently increased by A$30 million at 79.75 basis points over ACGB in September.
BNG Bank (AAA/Aaa/AA+) priced a A$100 million (US$76.7 million) increase to its August 2026-maturity Kangaroo line on October 4.The trade was initially marketed as a minimum A$25 million tap with price guidance of 75 basis points over semi-quarterly swap and 74 basis points over Australian Commonwealth government bond (ACGB). According to KangaNews data, the line was introduced in February of this year for A$50 million with pricing of 75.75 basis points over ACGB.
On October 4, Asciano (BBB-/Baa3) disclosed plans to undertake a series of fixed-income investor meetings in Australia, Asia, the UK and the US. The meetings are due take place between October 10 and October 28.
Qantas Airways returned to the Australian domestic market printing A$250 million (US$190.8 million) of 2023-maturity notes on September 29 and following up with A$175 million of 10-year notes a day later. AAI - Suncorp Group's insurance subsidiary - printed A$330 million of 26-year non-call six-year notes, garnering a substantial middle-market bid. Meanwhile, Firstmac's latest residential mortgage-backed issue was upsized to A$600 million.
The extent of middle-market demand for AAI's recent tier-two offering took even the issuer and its lead managers somewhat by surprise, they tell KangaNews. AAI – Suncorp Group (Suncorp)'s wholly owned insurance subsidiary – capped volume on its most recent trade at A$330 million (US$251.6 million) although the deal was multiple times oversubscribed.
Qantas Airways (Qantas) (BBB-/Baa3) printed A$175 million (US$133.5 million) in a new, 10-year Australian dollar-denominated fixed-rate transaction on September 30. Initial price guidance on the transaction was 290 basis points over semi-quarterly swap.
On September 29, Dexus Wholesale Property Fund (DWPF) (A by S&P) printed a A$65 million (US$49.8 million) increase to its June 2025 maturity domestic line. Initial price guidance on the tap was 165 basis points over semi-quarterly swap, the transaction's lead manager – Westpac Institutional Bank – revealed earlier on September 29. According to KangaNews data, the June 2025 line was introduced in June last year for volume of A$50 million and pricing of 155 basis points over swap.
On September 29, Qantas Airways (Qantas) (BBB-/Baa3) printed A$250 million (US$192.1 million) in a new, seven-year Australian dollar-denominated fixed-rate transaction. Initial price guidance was in the area of 270 basis points over semi-quarterly swap as revealed by the transaction's lead managers, ANZ, Deutsche Bank and HSBC on September 28.
Firstmac priced a new A$600 million (US$461.4 million) residential mortgage-backed securities (RMBS) transaction on September 29, having upsized from a launch volume of A$350 million. Fitch Ratings (Fitch) assigned expected ratings to two classes of notes and S&P Global Ratings assigned expected ratings to five classes of notes of Firstmac Mortgage Funding Trust No.4 Series 3-2016 on September 27.
Macquarie Leasing (Macquarie) is readying its second auto asset-backed securities (ABS) transaction of 2016 with expected ratings assigned to SMART ABS Series 2016-2US Trust by Fitch Ratings (Fitch) and Moody's Investors Service (Moody's) on September 28. The transaction will comprise of both US dollar and Australian dollar denominated notes for an aggregate volume of A$750 million (US$577 million).
ASB Bank (AA-/Aa3/AA-) printed NZ$600 million (US$437 million) in a new, self-led 13-month senior domestic bond on September 27. According to KangaNews data, ASB Bank's most recent domestic deal was a NZ$300 million increase to its May 2021 line priced at 127 basis points over mid-swap on May 12.
On September 27, the refinancing of the class A2 notes of Bankwest's Swan 2011-1 residential mortgage-backed securities issue was completed. Indicative pricing was in the area of 110-115 basis points over one-month bank bill swap rate. The new A2-R notes are rated AAA/AAA and are for volume of A$95.8 million (US$73.5 million) with a weighted-average life (WAL) of two years.