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International Finance Corporation (IFC) (AAA/Aaa) launched a NZ$200 million (US$128.5 million) increase to its September 2023 Kauri bond on 19 August. Indicative price guidance for the transaction, which is expected to price on the day after launch, is 30 basis points area over mid-swap. ANZ is the lead manager.
On 19 August, Bank of Queensland (BOQ) launched its residential mortgage-backed securities deal (RMBS), Series 2019-1 REDS Trust. The transaction has an indicative total volume of A$500 million (US$339.2 million) and is expected to price on or before 23 August.
On 19 August, Inter-American Development Bank (IADB) (AAA/Aaa) launched a minimum NZ$150 million (US$96.5 million) increase to its July 2024 Kauri bond. The deal is being marketed at 34 basis points area over mid-swap and is expected to price on the day after launch. BNZ and Commonwealth Bank are leading.
The second full week of August was highlighted by syndicated semi-government issuance, with Australian Capital Territory's A$1 billion (US$678.9 million) May 2025 deal followed by Western Australian Treasury Corporation's A$1.1 billion February 2024 floating-rate note transaction. Meanwhile, in New Zealand Kauri issuance returned with a NZ$425 million (US$273.7 million) Asian Development Bank tap.
Western Australian Treasury Corporation (WATC) issued its largest ever floating-rate note (FRN) deal in a A$1.1 billion (US$745.9 million) 4.5-year transaction that priced on 14 August. WATC talks to KangaNews about the timing of the deal and the wider context of its funding programme.
On 16 August, zipMoney began taking indications of interest for its potential new asset-backed securities (ABS) deal, Zip Master Trust Series 2019-1. The transaction, which is expected to launch and price in the week beginning 19 August, has indicative total volume of A$400 million (US$271.2 million). National Australia Bank is leading.
On 16 August, Bank of Queensland (BOQ) began taking indications of interest for a its potential Series 2019-1 REDS Trust residential mortgage-backed securities (RMBS) deal, which is expected to launch and price in the week beginning 19 August.
On 16 August, EUROFIMA (AA+/Aa2) launched a minimum A$20 million (US$13.5 million) increase of its May 2029 Kangaroo bond, via Nomura. The forthcoming deal is being marketed at 62 basis points area over semi-quarterly swap, equivalent to 65 basis points area over Australian Commonwealth government bond. Pricing is expected on the day of launch.
Late in the Sydney day on 15 August, Rentenbank (AAA/Aaa/AAA) launched a minimum A$50 million (US$33.9 million) tap of its May 2026 Kangaroo bond. The forthcoming transaction has indicative price guidance of 44 basis points area over semi-quarterly swap and 42.25 basis points area over Australian Commonwealth government bond. Pricing is expected on 16 August, according to sole lead manager Citi.