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On 23 August, Columbus Capital began taking indications of interest for its nonresident residential mortgage-backed securities (RMBS) deal, Vermilion Trust No. 1 Bond Series 2019-1 (Vermilion 2019-1). Indicative total volume for the transaction is A$250 million (US$168.9 million) and is expected to launch in the week beginning 26 August. Credit Suisse, MUFG Securities, Natixis, Standard Chartered and Westpac Institutional Bank were mandated on 16 August.
Deal flow picked up in Australia and New Zealand approaching the end of August. Transaction highlights include more Australian domestic tier-two issuance – this time from Westpac Banking Corporation – a jumbo senior unsecured benchmark from ANZ Banking Group and a dual-currency securitisation by Resimac.
On 23 August, Spark Finance (Spark) (A- by S&P) revealed plans for a new 10.5-year, Australian dollar denominated transaction. ANZ and Westpac Institutional Bank have been mandated to arrange a series of investor meetings in Sydney on 5 September and Melbourne on 6 September.
Mercedes-Benz Australia Pacific (Mercedes-Benz) (A/A2/A-) launched a new, indicative A$100 million (US$67.7 million) three-year EMTN transaction on 22 August. The deal is being marketed at 90 basis points area over semi-quarterly swap and is expected to price on the day of launch during London hours. Commonwealth Bank of Australia and TD Securities are leading.