RBC
FI issuance returns to Australian market with three years the focus
Benchmark financial institution (FI) issuance returned to the Australian domestic market in July, with a total of A$3.9 billion (US$2.9 billion) printed across a trio of public three-year deals. With market volatility limiting FI issuance in preceding weeks, deal sources say a build up in investor cash as well as issuer willingness to execute at investors’ preferred tenor drove the transactions.
Suncorp prices A$750 million dual-tranche five-year covered bond
Suncorp launches five-year Australian dollar covered bond
Suncorp-Metway (Suncorp) (A+/A1) launched a new, Australian dollar denominated, five-year covered-bond deal on 6 September. The transaction, which will be rated Aaa/AAA, will come in either or both of fixed- and floating-rate formats and is being marketed in the area of 77-79 basis points over swap benchmarks.
Suncorp starts marketing five-year covered bond deal
On 5 September, Suncorp-Metway (Suncorp) (A+/A1) began taking indication of interest for a new, Australian dollar denominated five-year covered bond deal. The transaction will come in either or both fixed- and floating-rate formats and has initial price guidance of 80 basis points area over swap benchmarks.
Suncorp plans new five-year covered bond deal
On 5 September, Suncorp-Metway (Suncorp) (A+/A1) revealed plans for a new, Australian dollar denominated five-year covered bond transaction, to come in either or both fixed- and floating-rate formats. ANZ, Deutsche Bank, National Australia Bank, RBC Capital Markets and Westpac Institutional Bank have been mandated as joint bookrunners for the transaction.
Green factor and mid-curve volume drive KBN to record-breaking Kangaroo deal
A green overlay and limited mid-curve supply in Australian dollars from supranational, sovereign and agency (SSA) issuers in 2018, contributed to Kommunalbanken Norway (KBN) achieving its largest-ever Kangaroo bond, deal sources say. In addition, the orderbook shows the extent to which Australian domestic fund managers continue to seek socially responsible investments.
