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National Australia Bank (NAB) (AA-/Aa3/AA-) launched its wholesale, perpetual non-call 10-year, additional tier-one (AT1) capital transaction on 5 December. The forthcoming deal is being marketed at 375 basis points area over semi-quarterly swap, with the notes expected to be rated BBB- by S&P Global Ratings. Pricing is expected on the day of launch.

On 5 December, Uniting Financial Services launched its debut 10-year non-call five-year (10NC5), Australian dollar denominated, subordinated, floating-rate note (FRN), sustainable development goals (SDG) transaction. Indicative price guidance for the forthcoming transaction, which is expected to price on the day of launch, is 325 basis points area over three-month bank bills. ANZ is leading.

The EU’s new regulations regarding investments in securitisation transactions came into effect on 1 January 2019. The securitsation partners at US law firm Mayer Brown look at the impact of the new regime and, in particular, the likely consequences for issuers from Australia.

The low-rate environment is promoting unprecedented demand for higher-yielding financial-institution (FI) product, while at the same time economic and political headwinds are making execution conditions choppy. Global FIs are increasingly leaning on noncore-currency issuance to supplement their funding requirements.

KangaNews is proud to present the winners of the institutional and deal categories in the KangaNews Awards 2019. After an extensive voting and verification process, KangaNews can confidently say its results reflect a true market view on the outstanding performers of 2019 in the Australian and New Zealand debt markets.

On 4 December, National Australia Bank (NAB) (AA-/Aa3/AA-) began taking indications of interest for a wholesale, perpetual non-call 10-year, additional tier-one (AT1) capital transaction. Initial price guidance for the deal, which is expected to launch in the near future, is 375 basis points area over semi-quarterly swap. The notes are expected to be rated BBB- by S&P Global Ratings.

On 4 December, Uniting Financial Services began taking indications of interest for its debut 10-year non-call five-year (10NC5), Australian-dollar denominated, subordinated, floating-rate note (FRN), sustainable development goals (SDG) transaction. The deal is being marketed at 325 basis points area over three-month bank bills and is expected to launch in the near future, according to lead manager ANZ.

On 4 December, CNH Industrial Capital Australia (CNH Capital) (BBB/Baa3) launched an inaugural, A$100 million minimum, three-year transaction. Indicative price guidance for the forthcoming deal, which is expected to price on the day of launch, is 140 basis points area over semi-quarterly swap. ANZ and Citi are leading.

Cleanaway Waste Management priced the tightest deal from an unrated Australian industrial issuer in the USPP market since the financial crisis with its recent transaction, placement agents say. The issuer undertook the deal to term out bank debt it took on following an acquisition in 2018 and it says further expansion is on the horizon.

On 3 December, Firstmac launched its new residential mortgage-backed securities (RMBS) deal, Firstmac Mortgage Funding Trust No.4 Series 4-2019 (Firstmac Series 4-2019). Total indicative volume is A$500 million (US$340.9 million), with the potential to upsize, and is expected to price on or before 6 December. National Australia Bank is arranger and joint lead manager alongside ANZ, Standard Chartered Bank and United Overseas Bank.