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ANZ New Zealand (ANZ) (AA-/A1/AA-) revealed on 8 March that it is considering an up to NZ$100 million (US$67.5 million), with the ability to accept unlimited oversubscriptions, five-year, fixed-rate, self-led domestic deal targeted at institutional and New Zealand retail investors. The offer, which will be made under same-class exemption rules, is expected to open on 11 March.
On 8 March, Dunedin City Treasury (AA by S&P) launched a seven-year, NZ$50 million (US$33.8 million) fixed-rate domestic deal to New Zealand institutional investors. The forthcoming transaction has an indicative margin of 75-80 basis points over mid swap and is expected to price the day of launch, according to lead manager ANZ.
On 7 March, Swedish Export Credit Corporation (SEK) (AA+/Aa1) launched a minimum A$15 million (US$10.6 million) increase to its September 2028 Kangaroo bond. The forthcoming transaction has indicative price guidance of 52 basis points area over semi-quarterly swap, equivalent to 62.8 basis points area over Australian Commonwealth government bond. Pricing is expected on the day of launch, according to lead manager HSBC.
On 7 March, Incitec Pivot (BBB/Baa2) launched a new, seven-year, Australian dollar denominated benchmark domestic transaction. The forthcoming deal has indicative price guidance of 245-250 basis points area over semi-quarterly swap. Pricing is expected on 8 March, according to joint lead managers ANZ and Commonwealth Bank of Australia.
On 7 March, Inter-American Development Bank (IADB) launched a minimum A$100 million (US$70.3 million) increase to its August 2024 Kangaroo bond, with indicative price guidance of 38 basis points area over semi-quarterly swap. Pricing is expected on the day of launch, according to lead manager Commonwealth Bank of Australia.
On 7 March, Insurance Australia Group (IAG) (A by S&P) revealed plans to hold debt investor meetings in Australia and New Zealand regarding a potential Australian dollar denominated 26.25-year non-call 6.25-7.25-year tier-two subordinated transaction. The notes are expected to be rated BBB. National Australia Bank and Westpac Institutional Bank have been mandated to arrange the meetings.
On 6 March, Australian Finance Group (AFG) revealed plans to engage investors regarding a potential Australian dollar denominated residential mortgage-backed securities (RMBS) transaction. Meetings will be arranged by ANZ, National Australia Bank and United Overseas Bank, commencing in Asia in the week beginning 11 March and in Australia in the week beginning 25 March.
On 6 March, Argosy Property (Argosy) revealed it has allocated NZ$90 million (US$61.1 million) under the general offer in its seven-year green bond. Up to NZ$10 million remains to be allocated under the priority offer, which is expected to close on 20 March. The margin has been set at 175 basis points over mid swap, the low end of the indicative range.