News
Bluestone Group priced its first residential mortgage-backed securities (RMBS) transaction since 2014 on April 29. Sapphire XIV Series 2016-1 Trust matched its indicative aggregate volume of approximately A$200 million (US$153 million).
Treasury Corporation of Victoria (TCV) will make a net debt repayment of A$1.5 billion (US$1.1 billion) in 2016/17 according to projections released on April 28, a day after the state of Victoria's annual budget was handed down. The near-term forecast is heavily influenced by the delayed lease of the Port of Melbourne, which is expected to enable the Victorian general government sector to repay A$3.6 billion of debt in 2016/17.
The arranger of the first Australian asset-backed securities (ABS) transaction to include a tranche of certified green notes says this tranche's relatively tight issue margin could be repeatable in future such deals. The deal's issuer, meanwhile, says it encountered ample demand for the green tranche and hopes to repeat the mixed-format securitisation structure in due course.
Favourable offshore pricing levels drove a positive outcome for Suncorp Group (Suncorp) as it accessed the US 144A market for just the third time without government guarantee, the issuer says. Suncorp joined a number of other Australian-origin issuers in seeing its pricing levels revised down significantly during an offshore bookbuild process – which the issuer says was possible because of constructive investor engagement and a positive view of Australia as an investment destination.
The Australian market moved a step closer to its first investment-grade corporate transaction of the year without strong government links on April 28, as QPH Finance (BBB) – the financing arm of Port of Brisbane – disclosed plans to meet Asian and Australian debt investors in the week beginning May 9.
Diagnostic imaging services provider Capitol Health (NR) has priced a new senior-unsecured A$50 million (US$36.9 million) deal. The transaction, which took place under wholesale documentation, was arranged by National Australia Bank (NAB).
Following a series of investor meetings, Bank of Queensland (BOQ) (A-/A3/A-) revealed on April 27 it has priced a wholesale domestic tier-two transaction. The deal, which is being arranged by ANZ, Bank of America Merrill Lynch and Westpac Institutional Bank, is for volume of A$150 million (US$115.6 million) and has a 10-year non-call five structure.
On April 27, Queensland Treasury Corporation (QTC) (AA+/Aa1) priced a new, July 2028 maturity Australian dollar transaction in its third syndication of 2016. According to KangaNews data, the deal further extends QTC's maturity curve.
On April 27, International Finance Corporation (IFC) (AAA/Aaa) priced a new, five-year Kauri bond. According to KangaNews data, the transaction will extend IFC's maturity curve out to 2021 in the Kauri market.