Commonwealth Bank of Australia
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.
L-Bank (AAA/Aaa/AAA) launched a A$50 million (US$35.1 million) minimum increase to its August 2025 Kangaroo bond on 23 July. The tap, which has Commonwealth Bank of Australia, Deutsche Bank, Nomura and RBC Capital Markets as leads, has an indicative margin of 48 basis points over semi-quarterly swap and is expected to price the day after launch.
On 23 July, QIC Shopping Centre Fund (A- by S&P) revealed plans to engage with investors on a potential Australian dollar denominated green bond. The issuer has mandated Commonwealth Bank of Australia and National Australia Bank to arrange a series of investor meetings in Asia and Australia in the week commencing 29 July ahead of a potential debut green-bond transaction.
On 23 July, Suncorp-Metway (Suncorp) (A+/A1/A+) launched a new five-year, Australian dollar denominated benchmark deal, offered in either or both fixed- and floating-rate formats. Indicative price guidance for the transaction, which is expected to price on day of launch, is 80 basis points area over swap benchmarks. ANZ, Commonwealth Bank of Australia, National Australia Bank and Westpac Institutional Bank are leading.