Latest News
On 20 February, KfW Bankengruppe (KfW) (AAA/Aaa) launched a tap of its September 2026 Kangaroo bond, via Deutsche Bank and TD Securities. The forthcoming deal is being marketed at 46 basis points area over semi-quarterly swap and 59 basis points area over Australian Commonwealth government bond. Pricing is expected on the day of launch.
On 20 February, Argosy Property (Argosy) revealed plans for a NZ$75-100 (US$51.6-68.8 million) seven-year green bond, open to institutional and New Zealand retail investors. The issuer is expected to announce a minimum interest rate and indicative margin range on 27 February, with a rate set date on 6 March.
On 20 February, BNP Paribas (A/Aa3/A+) began taking indications of interest for a new, five-year Australian dollar denominated senior nonpreferred EMTN transaction. The possible deal will come in either or both fixed- and floating-rate formats and has initial price guidance of 180 basis points area over swap benchmarks. The deal is expected to be rated A-/Baa1/A+.
On 19 February, United Energy Distribution (UED) revealed the consent solicitation process did not proceed on its A$350 million (US$248.8 million) September 2023, A$420 million October 2024 and A$150 million February 2023 lines. Westpac Institutional Bank was mandated for the process on 22 January.
On 19 February, World Bank (AAA/Aaa) launched an indicative A$500 million (US$356.1 million), new five-year Kangaroo bond, via ANZ, J.P. Morgan and Nomura. The forthcoming deal has indicative price guidance of 39 basis points are over semi-quarterly swap, equivalent to 53.25 basis points area over Australian Commonwealth government bond. Pricing is expected on the day after launch.
Credit Union Australia (CUA) (BBB/Baa1) launched a new, indicative A$200 million (US$142.7 million) three-year floating-rate note (FRN) transaction on 19 February. The forthcoming deal is being marketed at 128 basis points area over three-month bank bills, with pricing expected on the day of launch. ANZ and National Australia Bank are joint lead managers.
On 19 February, Pepper Group (Pepper) launched its capped A$750 million (US$534.6 million) equivalent residential mortgage-backed securities (RMBS) transaction, PRS 23. The deal includes a US dollar denominated tranche as well as a euro denominated tranche backed by green mortgages. Pricing is expected on or around 21 February.
Broad investor participation characterised Westpac Banking Corporation (Westpac)’s first residential mortgage-backed securities (RMBS) transaction since 2015. The issuer attributes robust demand to structural features including a funding-only structure, a date-based call and a Hong Kong listing – and envisages a more regular RMBS issuance schedule going forward.
On 19 February, Credit Union Australia (CUA) (BBB/Baa1) revealed plans for a possible three-year Australian dollar denominated floating-rate note (FRN) transaction. ANZ and National Australia Bank have been mandated as joint lead managers for the potential deal.