Bank of Queensland
KangaNews is proud to present the winners of the institutional and deal categories in the KangaNews Awards 2017. After an extensive voting and verification process, KangaNews can confidently say its results reflect a true market view on the outstanding performers of 2017 in the Australian and New Zealand debt markets.
The Australian Office of Financial Management (AOFM) disclosed on 29 November that its next auction of residential mortgage-backed securities (RMBS) holdings will take place on 14 December. The auction will be for five lines of RMBS notes and a Westpac Institutional Bank (Westpac) research note says the cash value of the paper on offer is A$444.1 million (US$336.9 million).
On 23 November, Bank of Queensland (BOQ) launched a new, indicative A$300 million (US$228.2 million) additional tier one (AT1) notes offer. Price guidance is 375-395 basis points over three-month bank bills, with a final margin to be set on or around 29 November following a bookbuild. The offer will open on 30 November and the settlement date is expected to be 28 December.
On 8 November, Bank of Queensland (BOQ) (BBB+/A3/A-) launched a minimum A$300 million (US$229.3 million), four-year senior-unsecured domestic deal. The forthcoming transaction will be in either or both of fixed- and floating-rate format, with indicative price guidance in the area of 105 basis points over swap benchmarks. ANZ, National Australia Bank and UBS are joint lead managers.
Issuer and lead sources on Bank of Queensland (BOQ)’s debut conditional pass through (CPT) covered bond say the deal paves the way for more Australian-origin issuance for the broadly European asset class. The deal helped BOQ achieve a key target in its funding strategy as well as provided a welcome level of ratings stability in an uncertain backdrop.