On 22 February, Transpower New Zealand (Transpower) revealed plans for a potential five-year senior-unsecured transaction to institutional and New Zealand retail investors. Full details of the offer are expected to be released in early March, according to lead manager ANZ.
On 21 February, Incitec Pivot (BBB/Baa2) mandated ANZ and Commonwealth Bank of Australia to arrange debt investor meetings regarding a potential Australian dollar denominated transaction. The meetings will take place in Australia and Asia, commencing 28 February.
Trustpower kicked off New Zealand corporate flow for 2019 with an outcome that sources insist carries over positive momentum from the previous year. It is the first New Zealand unrated corporate deal to break a 4 per cent coupon floor, using the 10-year resetting structure which gained in popularity late in 2018.