Commonwealth Bank of Australia
In the 2018 iteration of the KangaNews Fixed-Income Research Poll, Commonwealth Bank of Australia (CommBank) maintained the dominant position it has established in recent years. The CommBank team sat down with KangaNews to reflect on the market-shaping factors of the past 12 months and to reveal the main watch points.
On 24 September, Liberty Financial (Liberty) launched its residential mortgage-backed securities (RMBS) transaction, Liberty Series 2018-3. The forthcoming deal has indicative total volume of A$500 million (US$363.5 million) equivalent, including the euro denominated A1-c notes, with the potential to upsize. Pricing is expected on or before 27 September.
On 20 September, Commonwealth Bank of Australia (CommBank) launched its prime residential mortgage-backed securities (RMBS) transaction, Medallion Trust Series 2018-1 (Medallion 2018-1). The deal has indicative total volume of A$1.63 billion (US$1.2 billion) and will not grow. CommBank and Deutsche Bank are joint lead managers.
On 19 September, Liberty Financial (Liberty) began taking indications of interest for a potential residential mortgage-backed securities (RMBS) transaction, Liberty Series 2018-3. The deal will be denominated in Australian dollars and euros, and is expected to launch in the week commencing 24 September.
AT&T’s debut Kangaroo deal, which priced on 14 September, marked the return of US corporate issuance to the Australian market for the first time this year. Deal sources say cash repatriation by major US corporate names has drastically reduced offshore issuance from US credits globally, but insist AT&T’s A$1.3 billion (US$949.2 million) result demonstrates that Australia remains open for business to this type of borrower.