National Australia Bank
National Australia Bank (NAB)’s first foray into the euro market for 2018 – five- and 10-year transaction in which the shorter-dated notes were green bonds – garnered a large oversubscription and tightened pricing in a busy market. Deal sources say NAB’s updated green bond programme, which now incorporates the UN Sustainable Development Goals (SDGs) played a part in the deal’s reception.
Downer Group Finance (Downer) priced its first Australian dollar deal since 2015 on 15 April. Issuer and leads say significant developments in Downer’s business composition opened the deal up to a broader suite of investors, while prevailing market sentiment induced a rapid book build and tightened pricing.
On 15 April, Bank of Queensland (BOQ) (BBB+/A3/A-) launched its benchmark three-year domestic floating-rate note (FRN) transaction. The forthcoming deal is being marketed in the area of 92 basis points over three-month bank bills and is expected to price on the day after launch. ANZ, National Australia Bank and Westpac Institutional Bank are joint bookrunners.
On 15 April, Downer Group Finance (Downer) (BBB by Fitch) launched a new, seven-year, minimum A$200 million (US$143.4 million) domestic transaction. The forthcoming deal has indicative price guidance of 195-200 basis points area over semi-quarterly swap. Pricing is expected on or before 16 April, according to joint lead managers Mizuho Securities, National Australia Bank and Westpac Institutional Bank.