The biggest issue in the New Zealand debt market has historically been shortage of domestic supply relative to a demand pool that has grown significantly in the KiwiSaver era. In September, BNZ and KangaNews convened their annual New Zealand roundtable with a specific goal in mind: to discuss whether the national infrastructure need, the emergence of bank securitisation and other factors can radically change the supply landscape.
On 26 March, MUFG Bank Auckland Branch (MUFG Auckland) (A/A1) launched a minimum NZ$100 million (US$71.1 million) three-year floating-rate note (FRN) transaction with indicative price guidance of 95-100 basis points over three-month bank bills. Pricing is expected on the day after launch, according to joint lead managers ANZ, BNZ, Morgan Stanley and MUFG Securities.
On 25 March, Housing New Zealand (Housing NZ) (AA+/S&P) revealed plans for a new 7.5-year sustainability bond via ANZ and BNZ. A global investor conference call will be held on 26 March.
On 25 March, Heartland Bank revealed plans for a new, five-year deal to be offered to institutional and New Zealand retail investors. Full details for the potential transaction are expected to be released on 1 April. BNZ is arranger and lead manager alongside Commonwealth Bank of Australia, Deutsche Craigs and Westpac Banking Corporation New Zealand Branch.