Avanti prints NZ$200 million RMBS deal

Barclays begins marketing multi-tranche Australian dollar deal

On 18 June, Barclays (BBB/Baa3/A) revealed initial price thoughts for a five- and 10-year Australian dollar denominated transaction. The five-year tranche will come in either or both fixed- and floating-rate formats and is being marketed at 225 basis points area over swap benchmarks, while the 10-year fixed-rate tranche is being marketed at 260 basis points area over semi-quarterly swap.

Macquarie Bank starts marketing one- and three-year domestic deal

On 13 June, Macquarie Bank (A/A2/A) began taking indications of interest for a three-year Australian dollar denominated benchmark transaction, offered in either or both fixed- and floating-rate note (FRN) formats and for a one-year senior-unsecured FRN. The three-year tranche has initial price guidance of 80 basis points area over swap benchmarks while the one-year tranche is being marketed at 45 basis points area over three-month bank bills.

Avanti launches New Zealand RMBS deal

On 13 June, Avanti Finance (Avanti) launched its residential mortgage-backed securities (RMBS) deal, Avanti RMBS 2019-1. The forthcoming transaction is expected to price on or before 18 June and is capped at NZ$200 million (US$131.6 million). Westpac New Zealand is the arranger and sole lead manager.

PACCAR Financial’s quick return timed for domestic market boost

A dearth of public corporate issuance and clarity around interest-rate direction provided a window of opportunity for PACCAR Financial to bring a quickfire return to the Australian market. The transaction, the issuer’s second in nine months, was two-times subscribed based on a final book in excess of A$320 million (US$222.6 million).