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On 11 April, Société Générale (SocGen) (A/A1/A) launched a new, 15-year non-call 10-year, Australian dollar denominated tier-two benchmark EMTN transaction. The forthcoming deal has an indicative coupon in the area of 4.5 per cent and is expected to price on the day of launch.
Suncorp-Metway (Suncorp)’s first 144A/Reg S deal since November 2017 attracted a meaningful oversubscription and significant price tightening, despite competing for demand in a busy market. Furthermore, leads and issuer say the level of participation from Asian accounts was a positive.
On 10 April, Toyota Finance New Zealand (Toyota New Zealand) (AA-/Aa3) revised the price guidance for its five-year domestic deal to 83-88 basis points area over mid swap, having launched earlier the same day with an indicative margin of 82-92 basis points area over mid swap. The book is close to the NZ$100 million (US$67.5 million) indicative volume announced at launch, according to lead manager ANZ. Pricing is expected on 11 April.
On 10 April, Société Générale (SocGen) (A/A1/A) revealed plans for a new, 15-year non-call 10-year, Australian dollar denominated tier-two EMTN transaction. The deal is expected to launch in the near future, and to be rated BBB/Baa3/A-. ANZ, Nomura, SocGen and TD Securities have been mandated as joint bookrunners.
On 10 April, Volkswagen Financial Services Australia (Volkswagen Australia) (A3/BBB+) launched a benchmark four-year domestic deal with indicative price guidance of 160 basis points area over semi-quarterly swap. Pricing is expected on the day of launch, according to lead managers Mizuho Securities and TD Securities.
On 10 April, Toyota Finance New Zealand (Toyota New Zealand) (AA-/Aa3) launched an indicative NZ$100 million (US$67.4 million) five-year domestic transaction. The forthcoming deal has an indicative margin of 82-92 basis points area over mid swap, with the final margin to be set on 11 April. ANZ is sole lead manager.
KfW Bankengruppe (KfW) (AAA/Aaa/AAA) mandated a minimum A$150 million (US$107.2 million) increase to its February 2025 Kangaroo bond on 9 April. The tap is being marketed at 41 basis points area over semi-quarterly swap, equivalent to 50 basis points area over Australian Commonwealth government bond, via Nomura.
On 9 April, Bank of China Sydney Branch (BoC Sydney) (A/A1/A) revealed plans for a 3.5-year Australian dollar denominated senior floating-rate note transaction, to be led by ANZ, Bank of China, Citi, Commonwealth Bank of Australia and Macquarie Bank.