Teachers Mutual Bank (Teachers Mutual) (BBB/Baa1) launched its three-year, senior-unsecured, floating-rate note (FRN) transaction on 16 October, with indicative price guidance of 90-95 basis points over three-month bank bills. National Australia Bank and Westpac Institutional Bank are joint lead managers for the deal, which is expected to price on the day of launch.
On 11 October, Argosy Property (Argosy) revealed plans for a NZ$75-100 million (US$47.4-63.2 million) seven-year green bond for New Zealand retail and institutional investors. Full details for the transaction are expected to be announced when the deal is launched in the week commencing 14 October. ANZ is arranger for the transaction and joint lead manager alongside Forsyth Barr, Jarden Securities and Hobson Wealth Partners.
The Bank for International Settlements (BIS)’s newly-established green-bond fund aims to help central banks incorporate environmental sustainability objectives in the management of their reserves. Antipodean central banks are increasingly sounding alarm on the risks posed by climate change, but so far only the Reserve Bank of New Zealand (RBNZ) has invested in the fund.