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.
On 24 February, following the completion of a bookbuild, National Australia Bank (NAB) revealed it has increased the volume of its additional tier-one (AT1) capital deal to at least A$1.95 billion (US$1.3 billion) from A$750 million. The margin has been set at 295 basis points over three-month bank bills.
Liberty Financial (Liberty) has long held the objective of issuing senior-unsecured paper at five-year tenor. The issuer took another step in that direction with its first four-year deal, printed on 18 February.
On 24 February, Frasers Property mandated ANZ, Barclays, HSBC, National Australia Bank and Oversea-Chinese Banking Corporation (OCBC) for a potential long-dated, Australian dollar denominated sustainability bond. ANZ, Barclays and OCBC have also been appointed as sustainability structuring advisors.
On 24 February, Columbus Capital launched its residential mortgage-backed securities (RMBS) deal, Triton 2020-1. Total indicative volume for the forthcoming deal is A$500 million (US$330.1 million), with the ability to upsize to A$1 billion, and is expected to price on 28 February. National Australia Bank is arranger and joint lead manager alongside Standard Chartered and Westpac Institutional Bank.
On 21 February, Pepper Group (Pepper) mandated National Australia Bank for a refinancing of the Class A1-u2 notes from its PRS 20 residential mortgage-backed securities (RMBS) deal. The tranche has indicative volume of A$105.7 million (US$70 million), credit enhancement of 47.3 per cent and weighted average life of 1.8 years. The deal is expected to launch in the week beginning 9 March.