Deal and ratings review, week ending December 2 2016

The largest deal to emerge during the final few days of November was an upsized, A$500 million (US$371.2 million), residential mortgage-backed securities transaction off Resimac's Premier programme. Commonwealth Bank of Australia and Eclipx Group also revealed plans to explore potential securitisation deals.

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NPBS prints a new September 2018 domestic FRN [UPDATED]

On December 1, Newcastle Permanent Building Society (NPBS) (BBB+/A2) printed A$70 million (US$51.8 million) in a new September 2018 floating-rate note (FRN). According to KangaNews data, the deal is NPBS’s third public domestic transaction of 2016, having printed A$200 million in a three-year FRN in March and a A$110 million tap to its April 2020 line in July.

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Resimac upsizes and prices its latest Premier RMBS deal

On December 1, Resimac priced ts latest residential mortgage-backed securities (RMBS) transaction. The deal was also upsized from an indicative A$300 million structure.

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Suncorp adds A$100 million to its August 2026 domestic covered bond [UPDATED]

On December 1, Suncorp-Metway (Suncorp) printed a A$100 million (US$74.1 million) increase to its August 2026-maturity covered bond. The transaction priced flat to initial guidance of 130 basis points over semi-quarterly swap. KangaNews data reveal that this line was introduced in August for volume of A$350 million and pricing of 135 basis points over swap.

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BEN prints A$125 million in its first subordinated domestic deal since 2014 [UPDATED]

Bendigo and Adelaide Bank (BEN) (A-/A2/A-) has priced A$125 million (US$92.5 million) of 10-year non-call five-year notes, on December 1. The transaction was upsized from a launch volume of A$100 million and priced 10 basis points tighter than initial guidance of  290 basis points over bank bill swap rate (BBSW).

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Latest Issue 2016/17 December-January Supplement

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KangaNews is proud to present a brand-new supplement covering the Australian nonbank sector. The supplement contains key insights into the sector’s growth opportunities as well as perspectives from and data on the leading players.