News
Auckland International Airport (Auckland Airport) (A-) priced a new, seven-year domestic issue on November 4. An announcement lodged with the NZX after launch revealed the volume of the forthcoming issue would be up to NZ$100 million (US$67.6 million) and the indicative margin range was 95-100 basis points over mid-swap.
On November 4, Oversea-Chinese Banking Corporation Sydney Branch (OCBC Sydney) (AA-/Aa1/AA-) priced a new domestic three-year senior-unsecured issue. According to KangaNews data, the issuer most recently visited the domestic market in February when it priced a A$300 million (US$216.2 million) June 2019 floating-rate note issue. That deal priced at 81 basis points over bank bills.
For the first time in many months, analyst opinion following the latest Reserve Bank of Australia (RBA) cash-rate decision exhibits a significant difference of opinion. Some interpret the reserve bank's latest policy view as a positive read on the Australian economy, while others believe the November decision merely represents a pause before future rate cuts.
Westpac Banking Corporation (Westpac)'s annual results for the year ending September 30 2015, published on November 2, maintain the recent trend for Australian major banks' common-equity tier-one (CET1) capital ratios to fall into a very narrow band. Westpac reported CET1 of 9.5 per cent at the end of its financial year.
National Australia Bank and ANZ Banking Group released annual results including updates on their capital positions. Deal flow remains focused in the financial-institution sector, including AMP upsizing and pricing its retail tier-one offer.
National Australia Bank (NAB) (AA-/Aa2/AA-) priced a new domestic senior-unsecured deal with five-year tenor on October 30. The self-led deal is NAB's first domestic benchmark since it priced A$1.9 billion (US$1.3 billion) of five-year floating-rate notes (FRNs) in May, at 80 basis points over bank bills.
ANZ Banking Group (ANZ) published its results for the year ending September 30 2015 on October 29. The bank disclosed a common-equity tier-one (CET1) ratio of 9.6 per cent, and also highlighted its claim to have a stronger capital position than a range of global peer banks on a like-for-like basis.
Pepper Homeloans (Pepper)'s latest nonconforming residential mortgage-backed securities (RMBS) transaction priced on October 29, after assignment of preliminary ratings and launch two days previously. The deal issued its indicative volume of A$300 million (US$213 million) across 10 tranches.
On October 28, Swedbank (A+/Aa3/A+) priced a new three-year, senior-unsecured Kangaroo transaction. The deal is Swedbank's debut Australian market deal and follows an Asian and Australian investor conference call earlier this month.