On 10 December, TR Group (Baa3), a heavy vehicle rental and lease company, revealed plans to engage wholesale debt investors for a possible five-year New Zealand domestic transaction. Commonwealth Bank of Australia and Westpac Banking Corporation New Zealand have been mandated for the potential deal.
Chorus’s return to domestic issuance represents a significant development for the New Zealand corporate credit market, deal sources say. The 10-year transaction features a rate reset after five years, which helped stimulate retail demand. Market users expect the feature to be used again given the success of Chorus’s transaction.