News
National Australia Bank (NAB) (AA-/Aa2/AA-) launched and priced a self-led, one-year, senior-unsecured domestic deal on September 7. The transaction priced in line with initial guidance of 43 basis points area over three-month bank bill swap rate (BBSW). NAB is the third major-bank issuer to issue a public one-year maturity deal in the Australian market since July.
National Australia Bank (NAB) (AA-/Aa2/AA-) revealed on September 6 that plans to hold an investor update call on September 7, ahead of a potential Australian dollar tier-two transaction. According to KangaNews data, NAB last issued a domestic tier-two in March 2015. This A$1.1 billion (US$840 million), 10-year non-call five maturity issue priced at 185 basis points over bank bills and, according to Yieldbroker ratesheets, was indicated at 195 basis points over bank bills at the close on September 5.
On September 6, Asian Development Bank (ADB) (AAA/Aaa/AAA) priced an increase to its October 2026 Kangaroo line. The transaction printed in line with the minimum target volume of A$100 million (US$75.7 million) and initial price guidance was the area of 49 basis points over semi-quarterly swap and 53.75 basis points over Australian Commonwealth government bond (ACGB).
On September 5, United Energy Distribution (UED) (BBB/Baa2) printed A$350 million (US$266.1 million) in a new seven-year Australian dollar-denominated senior-unsecured transaction. Indicative pricing on the transaction was 185-190 basis points over semi-quarterly swap.
Australian deal activity was relatively quiet as corporate reporting season ended. Nissan Financial Services debuted in the Australian domestic market for A$300 million (US$226.4 million) of three-year notes. Meanwhile, the New Zealand market picked up with two new corporate deals pricing.
The new, senior-unsecured domestic benchmark transaction for China Construction Bank Sydney Branch (CCB Sydney) (A/A1/A) priced on September 1. The A$500 million (US$377 million) transaction priced at 105 basis points over three-month bank bill swap rate (BBSW). Initial price guidance was in the area of 110 basis points over three-month BBSW, 3 basis points inside the indicative pricing level that was disclosed at mandate stage.