KangaNews Market Update
NAB upsizes retail sub debt offer at tight end of margin range [UPDATED]
National Australia Bank (NAB) became the third of Australia’s big four banks to price a retail hybrid or subordinated notes offer in 2012 on May 21, doubling the indicative volume of the deal to A$1 billion (US$1 billion) of tier two capital with a 10-year maturity and five-year call date. The deal priced at 275 basis points over bank bill swap rate (BBSW) or the tight end of its 10 basis point margin range.
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BoQ preparing AUD and GBP auto-loan securitisation
Bank of Queensland (BoQ) is set to return to the non-mortgage asset-backed securities (ABS) market for the first time since 2008 with its A$500 million (US$493.2 million) Series 2012-1E Reds EHP Trust auto-loan backed transaction assigned provisional ratings by Fitch Ratings on May 21. The deal’s largest tranche, the A$338.8 million equivalent class A2, is expected to comprise notes denominated in both Australian dollars and sterling.
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Suncorp readying covered bond debut in domestic market
Provisional ratings have been assigned to the first covered bond issue from Suncorp Metway (Suncorp), which will also be the first covered bond deal from a non-big four Australian bank. Although the transaction is to be made off a US dollar covered bond programme, the programme allows for multi-currency issuance and a preliminary ratings report from Moody’s Investors Service (Moody’s) says the notes are Australian dollar-denominated.
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Deal and ratings review, week ending May 18 2012
Volatility in Europe did not halt Australian issuance as deal activity sparked to life this week. Three high-grade Kangaroos came to market along with a syndicated semi-government bond, two residential mortgage-backed securities and a New Zealand domestic transaction.
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