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On 29 August, Bank of Nova Scotia Australia Branch (BNS Australia) (A+/Aa2/AA-) launched a new, three- and five-year senior-unsecured Australian dollar deal. The three-year tranche will come in floating-rate format and has indicative price guidance of 78 basis points area over three-month bank bills. The five-year tranche will come in either or both fixed and floating-rate formats and is being marketed at 100 basis points area over swap benchmarks.
On 29 August, Bank of Montreal (BMO) (A+/Aa2/AA-) mandated BMO Capital Markets, Commonwealth Bank of Australia, National Australia Bank and UBS for a potential Kangaroo deal, to come in either or both of fixed- and floating-rate formats in 3-3.25 year and 5-5.25 year maturities.
On 29 August, International Finance Corporation (IFC) (AAA/Aaa) launched a minimum A$200 million (US$146.8 million) increase to its August 2023 Kangaroo. The forthcoming deal is being marketed at 37 basis points area over semi-quarterly swap, equivalent to 43 basis points area over Australian Commonwealth government bond.
On 29 August, Kommunalbanken Norway (KBN) (AAA/Aaa) launched an increase to its May 2021 Kauri floating-rate note (FRN). The forthcoming deal has indicative price guidance of 33 basis points over three-month bank bills and is expected to price on or before 30 August. ANZ is sole lead manager.
On 29 August, Macquarie University (Aa2) launched an indicative A$100 million (US$73.4 million) 10-year sustainability bond, via HSBC and National Australia Bank. The forthcoming deal is being marketed at 95 basis points area over semi-quarterly swap and is expected to price on the day of launch.
Optus Finance (Optus) (A2 by Moody’s), the wholly owned subsidiary of Singtel Optus (A by A&P), launched a benchmark five-year domestic deal on 29 August, with indicative price guidance of 105-110 basis points area over semi-quarterly swap. Pricing is expected as early as the day of launch, according to lead managers ANZ and Westpac Institutional Bank.
In 2017, KangaNews and Mizuho Securities hosted their first-ever roundtable discussion in Tokyo for Japanese investors in Australian dollar debt. A year later, a larger group of buy-side participants explain that, while the headwinds facing international participants in the Australian market are real, they are if anything engaged with a wider range of product than ever before.
Suncorp Group (Suncorp) (A/A2/A+) launched its Australian dollar denominated, 10.25-year non-call 5.25-year, wholesale subordinated-notes transaction on 29 August. Indicative price guidance for the forthcoming deal is 220-225 basis points area over three-month bank bills. The notes are expected to be rated BBB+/A-.
On 29 August, Bank of Nova Scotia Australia Branch (BNS Australia) (A+/Aa2/AA-) revealed indicative price guidance for its potential three- and five-year domestic deal at 78 basis points area and 100 basis points area over swap benchmarks respectively. The transaction is expected to launch and price in the near future, according to lead managers ANZ, Nomura, Scotiabank and Westpac Institutional Bank.
On 29 August, Spark Finance (Spark) (A- by S&P) launched its NZ$100-125 million (US$67.1-83.8 million) 5.5-year domestic deal, which is being offered to institutional and New Zealand retail investors. Indicative price guidance for the forthcoming deal is 100-110 basis points over mid swap, with the rate expected to be set on 31 August following a bookbuild.
On 28 August, Bank of Nova Scotia Australia Branch (BNS Australia) (A+/Aa2/AA-) mandated a senior-unsecured benchmark domestic deal in either or both of three- and five-year maturities. ANZ, Nomura, Scotiabank and Westpac Institutional Bank will lead the forthcoming deal.