News
On August 11, ME (BBB+/A3) printed a A$100 million (US$76.9 million) increase to its domestic senior-unsecured November 2017 line. The transaction was initally marketed at a minimum volume of A$50 million. Initial price guidance on the tap was 105 basis points over three-month bank bill swap rate (BBSW). According to KangaNews data, the line was introduced in November 2014 for volume of A$200 million and pricing of 100 basis points over BBSW.
Commonwealth Bank of Australia (CommBank) used its August 10 annual results announcement to trumpet its leading capital position among the Australian big four banks. The bulk of its year-on-year common equity tier-one (CET1) growth came from a major equity raising in the first half, and the overall climb to 10.6 per cent CET1 has come with a significant cost in return on equity (ROE), though.
On August 10, Bendigo and Adelaide Bank (BEN) printed A$700 million (US$539 million) in its first residential mortgage-backed securities (RMBS) transaction of 2016. Torrens Series 2016-1 Trust has a three-tranche structure and was assigned provisional ratings by S&P Global Ratings (S&P) and Moody's Investors Service (Moody's) on August 5.
Adani Abbot Point Terminal (AAPT) launched an up to A$75 million (US$57.5 million) buyback offer to holders of its domestic fixed-rate notes on August 9. The bonds, which were issued as a A$500 million line in October 2013, according to KangaNews data, are set to mature on November 1 2018 and were originally priced at 225 basis points over semi-quarterly swap. The offer invites bondholders to offer to tender their notes for purchase with a maximum purchase spread of 635 basis points.
ANZ Banking Group (ANZ) (AA-/Aa2) priced a new, self-led, A$2.7 billion (US$2.06 billion) senior benchmark transaction on August 9. According to KangaNews data, ANZ's most recent foray into the Australian domestic market was in July this year, when the bank printed a A$100 million increase to its July 2026 line with pricing of 125 basis points over semi-quarterly swap.
On August 9, Asian Development Bank (ADB) (AAA/Aaa/AAA) priced a A$250 million (US$190.7 million) increase to its January 2021 Kangaroo bond. According to KangaNews data, the line was introduced in January for volume of A$300 million and pricing of 56.75 basis points over Australian Commonwealth government bond.