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The Australian Sustainable Finance Initiative roadmap, published on 24 November, puts forward a plan to align the Australian economy and financial system with outcomes that encourage sustainability, resilience and future prosperity. It sets ambitious targets, including some that stretch beyond federal government goals, and lays out a timeline for achieving them.
On 25 November, World Bank (AAA/Aaa) launched a dual-tranche Kauri transaction, offered in 5.5- and 10-year tenors. Minimum volume for the tranches are NZ$200 million (US$139.5 million) and NZ$100 million, with price guidance at 23 and 39 basis points area over mid-swap. ANZ, BNZ and Commonwealth Bank are leading. Pricing is expected on the day after launch.
On 25 November, NBN Co (A1/AA) began taking indications of interest for an Australian dollar denominated, senior-unsecured transaction, offered in both five- and 7.5-year tranches. The deal is being marketed at 80-85 and 105-110 basis points area over semi-quarterly swap.
On 25 November, Bendigo and Adelaide Bank (BEN) (BBB+/A3/A-) launched a new Australian dollar denominated, five-year, senior-unsecured, benchmark transaction, offered in either or both fixed- and floating-rate note formats. Indicative price guidance for the deal is 60 basis points area over swap benchmarks.
On 24 November, following the release of Victoria’s state budget, Treasury Corporation of Victoria (TCV) (AAA/Aaa) revealed a total funding requirement for 2020/21 of A$45.8 billion (US$33.5 billion). TCV has already raised A$26.3 billion of the total and expects its requirement to fall to A$26.7 billion in 2021/22.
On 24 November, Bendigo and Adelaide Bank (BEN) (BBB+/A3/A-) revealed plans for a new Australian dollar denominated, five-year, senior-unsecured, benchmark transaction, offered in either or both fixed and floating-rate note formats. ANZ, Commonwealth Bank of Australia, National Australia Bank and Westpac Institutional Bank are leading.
On 24 November, University of Wollongong (UOW) (AA by S&P) mandated National Australia Bank to arrange an investor call on 26 November regarding a potential Australian dollar denominated, 20-year transaction.
Chorus took advantage of supportive conditions to print the year’s largest New Zealand dollar corporate deal ahead of a May 2021 maturity. The issuer says it was very confident it would be supported by retail and institutional investors, including at 10-year tenor.
On 23 November, Kommunalbanken Norway (KBN) (AAA/Aaa) launched a new A$250 million (US$183 million) minimum, 5.5-year, Kangaroo transaction. The forthcoming deal is being marketed at 25 basis points area over semi-quarterly swap, equivalent to 27.7 basis points area over Australian Commonwealth government bond.
On 23 November, Ampol (Baa1), formerly Caltex Australia, revealed plans for a potential Australian dollar denominated, 60-year non-call 5.25-year (60NC5.25), subordinated, wholesale, benchmark transaction, offered in either or both fixed- and floating-rate note formats. The notes are expected to be rated Baa3.