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On 3 July, expected ratings were assigned by Fitch Ratings and S&P Global Ratings to Pepper Group (Pepper)'s proposed asset-backed securities (ABS) deal, Pepper SPARKZ Trust No.1 (SPARKZ). The deal has indicative total volume of A$511.6 million (US$357.9 million).
On 3 July, ME Bank (BBB/Baa1) mandated ANZ and National Australia Bank as joint bookrunners for a benchmark, three-year, senior-unsecured domestic floating-rate note (FRN) deal, expected to launch in the near future.
On 3 July, BNP Paribas (A+/Aa3/AA-) began taking indications of interest for an Australian dollar denominated, perpetual non-call 5.5-year, additional tier-one (AT1) transaction. The deal has an indicative coupon of 5.25 per cent area and is expected to launch in the near future, with the notes to be rated BBB-/Ba1/BBB-.
On 3 July, Toronto-Dominion Bank (TD Bank) (AA-/Aa1) launched its inaugural bail-inable Australian dollar denominated, five-year, senior Kangaroo benchmark transaction. The deal is being offered in either or both of fixed- and floating-rate formats and has initial price guidance of 105 basis points area over swap benchmarks.
On 2 July, Toronto-Dominion Bank (TD Bank) (AA-/Aa1) began taking indications of interest for a new, five-year, benchmark senior Kangaroo transaction. The deal is expected to come in either or both fixed- and floating-rate formats and has initial price guidance of 105 basis points area over swap benchmarks.
The Reserve Bank of New Zealand (RBNZ) has published a summary of the 161 submissions it received on its proposals to increase the capital requirements of locally incorporated banks. Bank and financial-market responses to the consultation mirror market commentary on the topic but martial the industry response to proposals most in the sector see as onerous.
On 2 July, Housing New Zealand (Housing NZ) (AA+ by S&P) announced that it is not imminently considering issuance, following changes to the Responsible Ministers for Housing on 28 June. An investor conference call, scheduled for 2 July, and initially slated to sound investors for a tap of the issuer’s June 2025 and October 2028 lines, will go ahead but the likely timeframe for issuance has been postponed.
On 2 July, Toronto-Dominion Bank (TD Bank) (AA-/Aa1) revealed plans for a new, five-year, Australian dollar denominated senior Kangaroo benchmark transaction, offered in either or both fixed- and floating-rate formats. ANZ, Commonwealth Bank of Australia, DBS Bank, National Australia Bank, Standard Chartered, TD Securities and Westpac Institutional Bank have been mandated for the transaction, which is expected to launch in the near future. The deal is bail-inable and is expected to be rated Aa3/A.
On 18 June, the EU technical expert group (TEG) subgroup on taxonomy published the Taxonomy Technical Report. The taxonomy is expected to become the world’s foremost roadmap for sustainable investment, with a key definitional role in the green-bond market.
On 1 July, Trustpower (NR) launched a NZ$100-125 million (US$67.2-84 million) senior-unsecured, seven-year deal to New Zealand institutional and retail investors. The forthcoming deal has an indicative margin range of 175-185 basis points over mid swap, with final margin and interest rate to be set on 5 July following a bookbuild. Deutsche Craigs and Forsyth Barr are joint lead managers.