Westpac Banking Corporation (Westpac) opened a new route to sustainable funding when it printed a A$117.3 million (US$92 million) Uridashi deal earlier in February. The deal hints at growth in demand for sustainable and socially responsible products from Japanese retail investors and consequent opportunities for Australian issuers.
Global market action in the lead up to DBS Bank Australia Branch (DBS)’s latest senior transaction had little effect on the outcome, the issuer says. With market momentum reviving in the week leading up to the deal, volume and pricing were another step forward for DBS in what has become an important funding market for the bank.
On 15 August, PACCAR Financial (A+/S&P) revealed plans for a potential four-year Australian dollar denominated transaction. ANZ and Westpac Institutional Bank are organising debt investor meetings, to take place in Sydney and Melbourne commencing 27 August.
On 14 August, DBS Bank Australia Branch (DBS Australia) (AA-/Aa1/AA-) launched a benchmark three-year domestic floating-rate note (FRN) transaction, with indicative price guidance of 75 basis points area over three-month bank bills. Pricing is expected on the day of launch, according to lead managers Commonwealth Bank of Australia, DBS Bank, National Australia Bank and Westpac Institutional Bank.
DBS Bank Australia Branch (DBS Australia) (AA-/Aa1/AA-) mandated Commonwealth Bank of Australia, DBS Bank, National Australia Bank and Westpac Institutional Bank for a potential three-year domestic benchmark deal on 13 August. According to the leads, the floating-rate deal is expected to launch in the near future.