Wednesday, 15 May 2019

Citibank’s opco deal provides diversity for Australian dollar market

Citibank, the operating company (opco) issuer of Citi, issued its first-ever Australian dollar deal on 10 May. The transaction came in 3(a)(2) format, which limits domestic bank-balance-sheet participation. However, deal sources say the scarcity value of opco debt from a global bank was enticing for domestic fund managers.

Monday, 06 April 2020

SAFA launches A$1.5 billion open tap

On 6 April, South Australian Government Financing Authority (SAFA) (AA+/Aa1) launched a syndicated increase to its existing even-year benchmark lines for an aggregate total of up to A$1.5 billion (US$902.8 million). Pricing is expected on the day after launch, according to Citi, Commonwealth Bank of Australia, National Australia Bank and UBS.

Monday, 06 April 2020

Australian corporates looking to Europe need familiarity to succeed

Transurban’s euro transaction on 1 April marked the first time an Australian corporate has waded into public debt capital markets since the onset of the COVID-19 crisis. Deal sources say offshore liquidity has been strong but it took an issuer familiar to the market to take advantage.

Friday, 03 April 2020

TCorp reopens primary market amid COVID-19 crisis

New South Wales Treasury Corporation (TCorp) printed the first benchmark transaction in the Australian public market since the coronavirus pandemic escalated. Deal sources say investor engagement was critical for price discovery in a dislocated and volatile environment.

Wednesday, 01 April 2020

TCorp launches domestic syndicated benchmark deal

On 1 April, New South Wales Treasury Corporation (TCorp) (AAA/Aaa) launched an Australian dollar denominated, syndicated transaction. The offer is a new October 2023, benchmark, floating-rate note and an increase to its February 2024, fixed-rate maturity. Indicative price guidance for the forthcoming deal is, respectively, 36-40 basis points area over three-month bank bills and 49-53 basis points area over Australian Commonwealth government bond.

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