On 4 October, BNP Paribas (A/Aa3/A+) began taking indications of interest for a benchmark, Australian dollar denominated, 15-year non-call 10-year tier-two EMTN deal. The deal is expected to launch in the near future and is being marketed at 220 basis points area over mid swap. The expected issue ratings are BBB+/Baa2/A.
Lonsdale Finance (Baa2/BBB), the financing arm of Port of Melbourne, launched a minimum A$200 million (US$142.1 million) seven-year domestic deal on 4 October. Indicative price guidance – at 140-145 basis points area over semi-quarterly swap – is unchanged from initial price guidance.
National Australia Bank (NAB)’s first foray into the euro market for 2018 – five- and 10-year transaction in which the shorter-dated notes were green bonds – garnered a large oversubscription and tightened pricing in a busy market. Deal sources say NAB’s updated green bond programme, which now incorporates the UN Sustainable Development Goals (SDGs) played a part in the deal’s reception.
On August 21, Shinhan Bank (A+/Aa3/A) mandated ANZ and BNP Paribas for a 10-year, Australian dollar tier-two bullet transaction. The subordinated notes are expected to be rated BBB+/Baa1.