News
BNP Paribas (A/A1/A+) has printed A$250 million (US$188 million) in a new, 10.5-year Australian dollar denominated EMTN transaction on August 31. According to KangaNews data, BNP Paribas issued a similar format subordinated EMTN transaction in May this year, printing A$425 million of 12-year non-call seven tier-two notes at 288 basis points over semi-quarterly swap.
On August 31, Nissan Financial Services Australia (Nissan Australia) (A-/S&P) printed A$300 million (US$225.6 million) of three-year notes in its Australian domestic market debut. The transaction follows an investor update call undertaken by Nissan Australia on August 23.
Following the New Zealand Debt Management Office (NZDMO)'s latest syndicated deal, the issuer says an extended maturity profile appealed to a wider offshore investor base compared with previous syndications. Potential headline event risk supported timing, the issuer adds.
In the wake of its annual results in August, ASB Bank (ASB) issued around A$1.3 billion (US$976.7 million) equivalent in the sterling and US dollar Reg S markets. Volume and tenor requirements drove market selection, the issuer reveals, while intermediaries insist the outcome of both deals illustrates calm global conditions and solid investor support for the bank.
In the last week of August the New Zealand Debt Management Office printed NZ$2 billion (US$1.46 billion) in an April 2037 syndicated bond. On the other side of the Tasman Sea, Mirvac Group priced its first Australian domestic deal since 2013, with an A$200 million (US$152.7 million) seven-year transaction.
Issuers and intermediaries say demand and liquidity dynamics have facilitated a pickup in benchmark-size supranational, sovereign and agency (SSA) mid-curve activity during July and August. Such deal flow is positive given market sentiment around smaller deal sizes and comes as investors place notably greater importance on liquidity in bond lines.
Mirvac Group (Mirvac) (BBB+/Baa1) priced a a new, A$200 million (US$152.4 million) seven-year domestic transaction on August 25. The transaction follows a series of domestic investor meetings undertaken by Mirvac from August 18.
On August 25, Pepper Australia (Pepper) revealed plans to conduct a series of global residential mortgage-backed securities (RMBS) investor meetings in several regions. According to the meetings arrangers' – Citi, Commonwealth Bank of Australia, National Australia Bank and Westpac Institutional Bank – a nonconforming RMBS transaction may follow.