Commonwealth Bank of Australia

Wednesday, 26 September 2018

RMBS tenor extension a valuable addition to CommBank’s funding toolkit

Commonwealth Bank of Australia (CommBank)’s residential mortgage-backed securities (RMBS) deal, Medallion Trust Series 2018-1 (Medallion 2018-1), broke new ground in the Australian market with the three-year revolving facility supporting a longer-than-usual weighted-average life (WAL). The issuer insists this innovation adds a valuable tool to the bank’s funding options.

Monday, 12 November 2018

Toyota Australia launches benchmark multi-tranche deal

On 13 November, Toyota Finance Australia (Toyota Australia) (AA-/Aa3) launched a new, benchmark Australian dollar denominated transaction. The forthcoming deal will be comprised of three-year tranches in either or both fixed- and floating-rate format with indicative price guidance of 78 basis points area over swap benchmarks. There will also be a five-year fixed-rate tranche, being marketed at 100 basis points area over semi-quarterly swap.

Monday, 12 November 2018

Think Tank launches new CMBS deal

On 12 November, Think Tank Group (Think Tank) launched its new SME commercial mortgage-backed securities (CMBS) transaction, Think Tank Series 2018-1. The forthcoming deal has a capped volume of A$315 million (US$227.2 million) and is expected to price on or before 16 November.

Monday, 12 November 2018

SAFA revises price guidance for May 2028 select line increase

On 12 November, South Australian Government Financing Authority (SAFA) (AA+/Aa1) revised the price guidance for its May 2028 select line syndicated tap to 48-49 basis points over the 10-year futures contract, having launched with a guidance range of 48-50 basis points earlier in the day. The issuer also reveals that bids for the deal – which is capped at A$1 billion (US$721.5 million) – are currently in excess of A$1.48 billion.

Sunday, 11 November 2018

Westpac launches AT1 capital deal

On 12 November, Westpac Banking Corporation (Westpac) launched its additional tier-one (AT1) notes offer, Westpac Capital Notes 6. The forthcoming deal is expected to raise A$750 million (US$541.5 million), with the ability to take more or less. The transaction is being marketed at 370-390 basis points over three-month bank bills, with the final margin to be determined at the completion of a bookbuild, expected 19 November.

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