Commonwealth Bank of Australia

Thursday, 28 February 2019
Feb/Mar 2019

The reference-rate conundrum

The impending likely demise of global interbank offered rates has sparked many questions for the Australian market. Its local credit reference rate appears to be relatively robust – though its status is not unimpeachable – while the importance of cross-border issuance to Australian borrowers requires engagement with international IBOR developments. KangaNews and Commonwealth Bank of Australia brought together key market participants in late January to discuss the way forward.

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.

Sunday, 05 April 2020

NZDM launches syndicated May 2031 tap

On 6 April, New Zealand Debt Management (NZDM) (AA+/Aaa/AA+) launched a minimum NZ$2 billion (US$1.2 billion) syndicated increase to its May 2031 line. Indicative price guidance for the forthcoming transaction, which is expected to price on the day after launch, is 32-37 basis points area over the April 2029 New Zealand government bond. ANZ, BNZ, Commonwealth Bank of Australia and UBS are joint lead managers.

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.

Thursday, 02 April 2020

TD Bank launches three-year domestic covered bond deal

On 3 April, Toronto-Dominion Bank (TD Bank) launched a new three-year, Australian dollar denominated, floating-rate note, covered bond transaction. The forthcoming deal, which is expected to price on the day of launch, has indicative price guidance of 125 basis points area over three-month bank bills.

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