Latest News
On 11 March, Macquarie Bank (Macquarie) launched its auto asset-backed securities (ABS) deal, SMART ABS Series 2019-1 (SMART 2019-1). The forthcoming transaction has A$500 million (US$351.7 million) preplaced, subject to final approval, and is likely to be upsized, with the Class A notes capped at A$1 billion. Pricing is expected on 15 March.
On 11 March, Qudos Mutual (BBB- by S&P) revealed plans for a one-year senior-unsecured floating-rate note (FRN) transaction, expected to launch in the near future. Westpac Institutional Bank is sole bookrunner for the potential deal.
Santos Finance (Santos) became the first Australian corporate borrower to access the US dollar Reg S market in nearly a year on 6 March, when it priced its second transaction in this format. Deal participants say the market is retracing the spread widening that occurred in the second half of 2018 and becoming an attractive option again for corporate borrowers looking for longer tenor deals.
On 11 March, ANZ New Zealand (ANZ NZ) (AA-/A1/AA-) launched a self-led, five-year, indicative NZ$100 million (US$68 million) transaction to institutional and New Zealand retail investors. The forthcoming deal has an indicative margin of 105-110 basis points area over mid swap, with the final margin and interest rate to be set following a bookbuild on 14 March.
On 11 March, New Zealand Local Government Funding Agency (LGFA) (AA+/AA+) launched an indicative NZ$500 million (US$339.8 million) April 2024 transaction to institutional and New Zealand retail investors by syndication. The forthcoming deal has an indicative margin of 33-37 basis points over mid swap, with the final margin and interest rate to be set following a bookbuild on 12 March.
On 11 March, Wellington International Airport (Wellington Airport) revealed plans for a potential NZ$75-100 million (US$50.9-67.9 million) resetting 11-year transaction. Full details for the deal will be released on 18 March, when the offer is expected to open. ANZ is arranger for the transaction and joint lead manager alongside Deutsche Craigs and Forsyth Barr.
The first week of March was highlighted by MUFG Bank Sydney Branch's A$1.25 billion (US$876.4 million) three-year floating-rate note deal and Incitec Pivot's Australian dollar market return. Meanwhile in New Zealand, World Bank priced a NZ$450 million (US$304 million) January 2024 Kauri tap and there was more corporate green bond deal flow, from Argosy Property.
On 8 March, Macquarie Bank (Macquarie) began taking indications of interest for its asset-backed securities (ABS) transaction, SMART ABS Series 2019-1. The deal is likely to be upsized to A$1 billion (US$701.5 million), with A$500 million preplaced but subject to final approval. The transaction is likely to launch on 11 March, and price on 15 March according to Macquarie.
On 8 March, Housing New Zealand (Housing NZ) announced it has developed a sustainability financing framework, which enables it to issue green, social and sustainability bonds to support the financing of its state housing build programme. The framework has been developed to align with International Capital Market Association green bond principles, social bond principles, sustainability bond guidelines and Loan Market Association green lending principles.
MUFG Bank Sydney Branch (MUFG Sydney) priced the largest-ever single-tranche deal from a Japanese bank in the Australian market on 5 March. A number of factors contributed to this outcome, sources say, but the void left in operating company (opco) issuance by international banks as they move to a holding company (holdco) structure was a particular driver.