Coca-Cola launches its debut Kangaroo deal [UPDATED]

On May 31, the Coca-Cola Company (Coca-Cola) (AA-/Aa3/A+) launched a new four-year and eight-year, senior-unsecured Kangaroo transaction. The deal launch follows Coca-Cola’s February 16 announcement that it planned to meet with Australian fixed-income investors. According to KangaNews data, the forthcoming transaction will be Coca-Cola’s debut deal in the Kangaroo market. Coca-Cola Amatil (A-/A3) has a single, 2019 maturity, line outstanding for A$150 million (US$107.8 million).

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Tier-one roundup: three of Australia’s big four in market simultaneously

The latest launch of a tier-one securities offer by an Australian major bank means three of the big four are in the market for hybrids at the same time – two domestically and one offshore. National Australia Bank (NAB) announced the latest domestic retail launch on May 31, disclosing plans to print an indicative A$750 million (US$538.7 million) of additional tier-one qualifying securities.

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CommBank’s new domestic subordinated deal progresses to launch [UPDATED]

Commonwealth Bank of Australia (CommBank) launched a new, self-led subordinated notes offer in the domestic market on May 31 following a mandate announcement on May 30.  According to KangaNews data, CommBank priced its most recent previous domestic subordinated issue in October 2014. The A$1 billion (US$716.2 million) tier-two notes were issued at 195 basis points over bank bills and, according to Yieldbroker ratesheets, were indicated at 188 basis points over bank bills at the close on May 27.

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WATC mandates a new, 2027 maturity benchmark deal

On May 31, Western Australian Treasury Corporation (WATC) (AA+/Aa2) mandated a new fixed-rate, 2027 maturity benchmark transaction. According to KangaNews data, WATC most recently brought a syndicated deal to the domestic market in April this year when it issued A$1.1 billion (US$791.3 million) of six-year notes. That transaction priced at 55 basis points over Australian Commonwealth government bond (ACGB) and was WATC’s second benchmark deal for 2016.

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La Trobe’s third nonconforming RMBS transaction progresses to launch [UPDATED]

On May 30, La Trobe Financial (La Trobe) launched its third-ever nonconforming residential mortgage-backed securities (RMBS) transaction. According to the deal’s arranger, Westpac Institutional Bank, and its additional joint lead managers, Commonwealth Bank of Australia and National Australia Bank, La Trobe Financial Capital Markets Trust 2016-1 will have aggregate volume of A$250 million (US$179 million) and an eight-tranche structure.

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Weekly update

Latest Issue 2016 April-May

Lastest Issue

Asset allocation, SRI, bank funding, NZ market update, the future of BBSW, KangaNews Awards Gala Dinner, university funding, disruptive technology in infrastructure, securitisation, managing downgrades, investor survey and more.