AOFM’s new 2028 syndication progresses to launch [UPDATED]

The new, November 2028 syndicated benchmark bond for the Australian Office of Financial Management (AOFM) (AAA/Aaa/AAA) progressed to launch on 21 February. Initial price guidance is 13.5-16.5 basis points over the implied bid yield for the primary 10-year Treasury bond futures contract, the issuer reveals.

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BoC Sydney’s three-year domestic progresses to launch [UPDATED]

Bank of China Sydney Branch (BoC Sydney) (A/A1/A) launched a new, A$300 million (US$230.6 million) minimum, three-year domestic benchmark transaction on 21 February. Initial price guidance on the forthcoming deal, which is being led by ANZ, National Australia Bank and UBS, is in the area of 105 basis points over three-month bank bill swap rate (BBSW).

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CommBank launches Australia’s second retail-format transaction of 2017

On 20 February, Commonwealth Bank of Australia (CommBank) announced a new tier-one hybrid offer, Perls IX, for expected volume of A$750 million (US$576.5 million) with the ability to raise more or less. In an announcement lodged with the Australian Securities Exchange, CommBank revealed that the indicative margin is 390-410 basis points over bank bills. The final margin will be announced following the completion of the bookbuild on 27 February.

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Rentenbank mandates 2024 Kangaroo tap

Rentenbank (AAA/Aaa/AAA) mandated an increase to its April 2024 Kangaroo on 20 February, with pricing due for the following day. The forthcoming increase has RBC Capital Markets and TD Securities as its lead managers and is being marketed at 60.25 basis points over Australian Commonwealth Government Securities or 55 basis points over semi-quarterly swap.

WATC mandates its first syndicated deal of 2017

Western Australian Treasury Corporation (WATC) (AA+/Aa2) is preparing to launch its first syndicated transaction of 2017, with a new Australian dollar three- and five-year floating-rate note transaction being mandated on 20 February. According to KangaNews data, WATC printed A$525 million (US$403.1 million) in its most recent domestic syndication, which was completed in November last year. Pricing on that 2024-maturity line was 56 basis points over Australian Commonwealth government bond.

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Latest Issue 2017 February Supplement: Australian and New Zealand high-grade issuers

Lastest Issue

The 2017 edition of the KangaNews Australian and New Zealand High-Grade Issuers Supplement. Included are profiles of the key government-sector issuers in Australasia, analysis of economic developments in Australia and New Zealand, and market insights from the borrowers.