The Reserve Bank of New Zealand (RBNZ) has added a term lending facility (TLF) for banks to its suite of COVID-19 relief measures. It has also restricted banks from redeeming capital instruments that are not common-equity tier-one (CET1).
On 1 April, New Zealand Local Government Funding Agency (LGFA) (AA+/AA+) revealed it is considering a syndicated bond deal maturing in April 2026. An investor conference call will be held on 2 April. BNZ is arranger for the transaction and joint lead manager alongside ANZ, Commonwealth Bank and Westpac Banking Corporation New Zealand Branch.
On 1 April, New South Wales Treasury Corporation (TCorp) (AAA/Aaa) launched an Australian dollar denominated, syndicated transaction. The offer is a new October 2023, benchmark, floating-rate note and an increase to its February 2024, fixed-rate maturity. Indicative price guidance for the forthcoming deal is, respectively, 36-40 basis points area over three-month bank bills and 49-53 basis points area over Australian Commonwealth government bond.