On 18 June, Vicinity Centres (Vicinity) (A/A2) began taking indications of interest for a new, six-year, senior-unsecured Australian dollar denominated transaction, offered in either or both fixed- and floating-rate note formats. Indicative price guidance for the forthcoming transaction is 150 basis points area over swap benchmarks.
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).
On 12 June, Mercury launched a subordinated-capital deal, for up to NZ$300 million (US$197.5 million) to New Zealand retail and institutional investors, with an indicative margin range of 210-225 basis points over mid swap. The notes have a first interest rate reset date on 11 July 2024 and a final maturity on 11 July 2049. The bonds are expected to be rated BB+ by S&P Global Ratings.
On 7 June, Vicinity Centres (Vicinity) (A/A2) mandated Commonwealth Bank of Australia and National Australia Bank to arrange a series of investor meetings in Asia and Australia, commencing 11 June, regarding a potential Australian dollar denominated deal.