Latest News
Asian Development Bank (ADB) printed a quick follow-up to last week’s International Finance Corporation (IFC) Kauri bond, as New Zealand dollar issuance conditions remain favourable compared with US dollars. ADB has now issued close to NZ$1 billion (US$737.7 million) of Kauri bonds in 2020.
On 2 September, Liberty Financial launched its new SME asset-backed securities (ABS) deal, Liberty Series 2020-1 SME. Indicative volume for the forthcoming deal is A$400 million (US$293.7 million), with the potential to upsize to a A$600 million maximum. Westpac Institutional Bank is arranger and joint lead manager alongside Credit Suisse. Pricing is expected on 4 September.
On 2 September, Mercury revised the indicative margin range to 125-135 from 125-145 basis points area over mid-swap for its NZ$150-200 million (US$101.5-135.3 million), seven-year, green-bond transaction. Pricing is expected on 4 September, according to lead managers ANZ, BNZ, Craigs Investment Partners and Forsyth Barr.
On 2 September, SGSP Australia Assets (SGSP) (A-/A3) mandated Commonwealth Bank of Australia, ING, SMBC Nikko and Westpac Institutional Bank to arrange a series of investor calls beginning 3 September regarding a potential Australian dollar denominated, eight-year, benchmark transaction.
The Reserve Bank of Australia (RBA) announced in its September monetary-policy decision further support for Australian authorised deposit-taking institutions (ADIs) through an expansion and extension of the term funding facility (TFF). The measures are likely to increase overall TFF lending to around A$200 billion (US$148.1 billion).
Earlier in the day on 1 September, Housing New Zealand (AA+/Aaa), a subsidiary of Kāinga Ora – Homes and Communities (Kāinga Ora), launched a new NZ$200 million (US$135.2 million) minimum, 15-year, wellbeing-bond. The forthcoming deal is being marketed at 70-75 basis points area over mid-swap and is expected to price on the day after launch. BNZ, Commonwealth Bank and Westpac Banking Corporation New Zealand Branch are leading.
On 1 September, Lendlease Real Estate Investments, the responsible entity of Australian Prime Property Fund Retail (APPF Retail), announced a consent solicitation process for its A$40 million (US$29.6 million) November 2022 and A$200 million May 2024 notes.
