Newcastle Permanent Building Society (NPBS) (BBB/A3) revealed plans for a new five-year, Australian dollar denominated, senior-unsecured, floating-rate note, benchmark transaction on 24 February. ANZ, Commonwealth Bank of Australia, National Australia Bank and Westpac Institutional Bank are leading.
On 24 February, Svenska Handelsbanken (AA-/Aa2/AA) launched a new five-year, senior-preferred, Kangaroo, benchmark transaction. Offered in either or both fixed- and floating-rate note formats, indicative price guidance for the deal is 50 basis points area over swap benchmarks.
On 23 February, Sintex Consolidated, trading as Loanworks Lending, mandated Westpac Institutional Bank to engage with asset-backed securities (ABS) investors on 3 and 4 March regarding financial results, general business and funding activity.
On 23 February, BNP Paribas (A+/Aa3/AA-) began taking indications of interest for a 6.5-year non-call 5.5-year, Australian dollar denominated, senior-nonpreferred, EMTN transaction. Offered in either or both fixed- and floating-rate note formats, initial price guidance for the deal is 100-105 basis points area over swap benchmarks.
The Reserve Bank of Australia (RBA) has embarked on an asset purchasing programme as part of its regular open market operations in support of monetary policy goals. KangaNews will provide subscribers with easy access to asset purchase data, which will be updated as the RBA makes information publicly available.
UBS Australia Branch (A+/Aa3/AA-) launched a new domestic, five-year, senior-unsecured, benchmark transaction, offered in either or both fixed- and floating-rate note formats, on 22 February. The forthcoming deal is being marketed at 55 basis points area over three-month bank bills.
On 22 February, Charter Hall LWR (Baa1) launched an Australian dollar denominated benchmark transaction, offered in either or both seven- and 10-year tenors. Indicative price guidance for the forthcoming deal, which is expected to price on the day of launch, is 120-125 and 140-145 basis points area over semi-quarterly swap. National Australia Bank and Westpac Institutional Bank are leading.
Macquarie Group completed the bookbuild for its additional tier-one (AT1) capital deal, Macquarie Group Capital Notes 5 (MCN5), late in the day on 19 February. The margin has been set at 290 basis points over three-month bank bills, below the indicative range of 300-320 basis points, and the volume upsized to A$550 million (US$433.3 million) from A$500 million, with the ability to raise more or less.
The third week of February in Australasian markets was highlighted by the return of benchmark, senior-unsecured, bank transactions, from Suncorp-Metway and Westpac New Zealand.