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On 1 November, Commonwealth Bank of Australia (CommBank) launched its CommBank PERLS XI Capital Notes (PERLS XI) offer. The new, tier-one hybrid deal is expected to raise A$750 million (US$530.7 million), with the ability to take more or less. The deal is callable on 26 April 2024 and has a mandatory exchange date of 26 April 2026.
National Australia Bank (NAB) (AA-/Aa3/AA-) launched a self-led, minimum A$250 million (US$176.9 million) tap of its September 2023 domestic floating-rate note (FRN) on 1 November. Indicative price guidance for the forthcoming deal is 93 basis points over three-month bank bills, with pricing expected on the day of launch.
On 1 November, South Australian Government Financing Authority (SAFA) revealed its intention to undertake a syndicated increase of its May 2028 select line during the first half of November. The transaction will be for up to A$1 billion (US$707.6 million) and will be led by Commonwealth Bank of Australia, Citi, RBC Capital Markets and Westpac Institutional Bank.
On 31 October, Bank of New Zealand (BNZ) revealed plans to meet domestic debt investors in the week commencing November 5. A capital markets transaction may follow.
On 30 October, NWB Bank (AAA/Aaa) launched a minimum A$15 million (US$10.6 million) increase to its May 2029 Kangaroo bond, via Nomura. Indicative price guidance for the forthcoming deal is 52 basis points area over semi-quarterly swap, equivalent to 61 basis points area over Australian Commonwealth government bond.
Late in the Sydney day on 29 October, Pepper Group (Pepper) revealed plans to hold investor meetings in Australia and Europe regarding a potential nonconforming residential mortgage-backed securities (RMBS) transaction. The possible deal will be denominated in Australian dollars, US dollars and euros in 144A and Reg S formats. The euro tranche and potentially an Australian dollar tranche will be backed by green mortgages.
On 29 October, Moody's Investors Service and S&P Global Ratings assigned expected ratings to La Trobe Financial's potential residential mortgage-backed securities (RMBS) transaction, La Trobe Financial Capital Markets Trust 2018-2.
On 29 October, Bank of Queensland (BOQ) launched its asset-backed securities (ABS) transaction, REDS EHP 2018-1. The forthcoming deal has indicative total volume of A$500 million (US$354.7 million) with the ability to upsize. Pricing is expected on or before 2 November.
On 29 October, New South Wales Treasury Corportion (TCorp) (AAA/Aaa) revealed plans for a series of fixed-income investor meetings to be held commencing 31 October ahead of a potential debut Australian dollar green bond. National Australia Bank is structuring arranger and joint bookrunner alongside ANZ and Bank of America Merrill Lynch.
On 29 October, Kiwi Property Group (Kiwi Property) (BBB by S&P) launched a NZ$100-125 million (US$65.2-81.6 million) seven-year bond offer to institutional and New Zealand retail investors. Indicative price guidance for the forthcoming deal is 145-155 basis points over mid swap. The bonds are expected to be rated BBB+.
In the final full week of October, Treasury Corporation of Victoria priced a A$2 billion (US$1.4 billion) three-year deal, the first syndicated semi-government deal at the tenor since February 2017. Meanwhile, The Export-Import Bank of Korea's A$500 million five-year deal was the second Korean-origin Kangaroo deal for the month.