Insurance Australia Group (IAG) (A/S&P) launched its Australian dollar denominated 26-year non-call 6-7 year tier-two transaction on 22 March. Indicative price guidance for the forthcoming transaction is 215 basis points area over three-month bank bills. The notes are expected to be rated BBB by S&P Global Ratings.
On 22 March, Victoria Power Networks (VPN) (A-/S&P) began taking indications of interest for a new 10-year Australian dollar denominated domestic transaction. The potential deal is being marketed at 135 basis points area over semi-quarterly swap. ANZ, Commonwealth Bank of Australia and Mizuho Securities are joint lead managers.
On 21 March, Volkswagen Financial Services (Volkswagen) revealed plans to update investors regarding a possible Australian dollar denominated transaction under its Driver Australia asset-backed securities (ABS) programme. ANZ and Bank of America Merrill Lynch have been mandated to arrange the update.