News
Lloyds Bank (A/A1/A+) mandated and priced a tap to its August 2025 Kangaroo bond on September 24. According to KangaNews data, the deal is the first increase of a line which was introduced in August this year with volume of A$150 million (US$105.0 million) and pricing of 145 basis points over semi-quarterly swap.
On September 24, Auckland International Airport (Auckland Airport) (A- by S&P) launched and priced a new three-year floating-rate note domestic deal. The transaction was upsized from minimum volume of NZ$50 million (US$31.4 million) and has an issue margin of 55 basis points over three-month bank bills.
QBE Insurance Group (QBE) priced a new benchmark 25-year, non-call five Australian dollar tier-two deal on September 22. Indicative pricing guidance for the forthcoming transaction, which has an expected BBB-/BBB rating from Standard & Poor's Ratings Services and Fitch Ratings, was in the area of 400 basis points over semi-quarterly swap and three-month bank bills.
Nine deals priced across Australian and New Zealand markets during the week under review. Meanwhile, in Australia the Australian Office of Financial Management stuck to its firm line on pricing in its fourth auction of residential mortgage-backed securities, and analysts said the new prime minister could potentially provide a boost to business confidence.
Industrial and Commercial Bank of China Sydney Branch (ICBC Sydney) (A/A1/A) priced a new domestic transaction on September 17. The transaction is the issuer's third local benchmark, all of which have been for three-year maturity floating-rate notes (FRNs).
On September 18, Integrated Packaging Group (NR) announced the launch of a new four-year, fixed-rate, senior-unsecured issue for up to A$40 million (US$28.7 million). According to the forthcoming deal's lead manager, FIIG Securities, the coupon for the new deal will be 7.30 per cent.
Bank of Queensland (BOQ) priced its first asset-backed securities (ABS) issue of 2015, with expected ratings having been assigned to the new deal on September 14. Series 2015-1 REDS EHP Trust was upsized from an aggregate volume of A$500 million (US$355.4 million) spread across six tranches at launch.
On September 17, Liberty Financial (Liberty) priced its first commercial mortgage-backed securities (CMBS) to come to market since 2013. The transaction – Liberty Series 2015-1 SME – has volume in line with indicative levels, of A$300 million (US$213.7 million) across eight tranches.