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On 6 March, Kommunalbanken Norway (KBN) (AAA/Aaa) launched a minimum A$200 million (US$141.2 million) tap of its April 2023 Kangaroo bond. The forthcoming deal has indicative price guidance of 43 basis points area over semi-quarterly swap. Pricing is expected on the day after launch, according to joint lead managers Deutsche Bank, J.P. Morgan and TD Securities.
Analysts tell KangaNews the trigger of a stepdown provision in Suncorp Group (Suncorp)’s Apollo 2010-1 residential mortgage-backed securities (RMBS) trust is not a sign of systemic problems with the asset class, despite rising arrears in the loan pool. In fact, they say the function is working as it should – to protect senior noteholders.
On 5 March, Commerzbank (A-/A1/A-) revealed plans for a new, five-year Australian dollar denominated senior preferred EMTN transaction. ANZ, Commerzbank, J.P. Morgan and National Australia Bank have been mandated as lead managers for the transaction, expected to launch in the near future.
On 4 March, Inter-American Development Bank (IADB) (AAA/Aaa) launched a minimum A$25 million (US$17.7 million) tap of its June 2029 Kangaroo bond. The forthcoming deal has indicative price guidance of 42 basis points area over semi-quarterly swap, equivalent to 55.25 basis points area over Australian Commonwealth government bond. Pricing is expected on the day of launch, according to lead manager HSBC.
On 4 March, World Bank (AAA/Aaa) launched a minimum NZ$200 million (US$136.3 million) increase to its January 2024 Kauri bond. The forthcoming deal is being marketed in the area of 38 basis points over mid swap and is expected to price on the day after launch. ANZ and BNZ are joint lead managers.
Programmatic certification eased the route to market for Queensland Treasury Corporation (QTC)’s second green-bond transaction, the issuer says. With considerable growth in the eligible pool of assets since QTC’s first green bond in 2017, deal participants say the new deal demonstrates how borrowers can scale up their green issuance over time.
On 4 March, MUFG Bank Sydney Branch (MUFG Sydney) (A/A1) began taking indications of interest for a potential three-year transferrable certificate of deposit, with indicative price guidance of 91 basis points area over swap benchmarks. The deal is expected to launch in the near future with Commonwealth Bank of Australia, MUFG Securities, Morgan Stanley, National Australia Bank and Westpac Institutional Bank as joint bookrunners.