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On 24 May, Rentenbank (AAA/Aaa/AAA) launched a minimum A$50 million (US$37.7 million) tap of its April 2028 Kangaroo, via TD Securities. Indicative price guidance for the forthcoming transaction is 40 basis points area over semi-quarterly swap and 45 basis points area over Australian Commonwealth government bond. Pricing is expected on the day of launch.

On 23 May, Firstmac mandated ANZ and J.P. Morgan for an Australian dollar-denominated residential mortgage-backed securities transaction (RMBS), with a deal subject to market conditions.

On 23 May, Pepper Group (Pepper) launched its residential mortgage-backed securities (RMBS) transaction, Pepper I-Prime 2018-1 Trust. The deal, expected to price on or before 25 May, has a minimum total volume of A$400 million (US$302.9 million).

On 23 May, Zurich Finance Australia (Zurich) (A+/A1) launched a debut five-year senior-unsecured benchmark Australian dollar transaction. The forthcoming deal is being marketed at 100 basis points area over semi-quarterly swap. Pricing is expected on the day after launch, according to lead managers ANZ, Citi, National Australia Bank and UBS.

US-based investor demand for Resimac’s Premier Series 2018-1 prime residential mortgage-backed securities (RMBS) went beyond the US dollar-denominated Class A1 notes, with support coming across the structure and in reverse enquiry for a fixed-rate tranche, according to deal sources. Support was such that Resimac may look to include US dollar notes in its next nonconforming deal.

African Development Bank (AfDB) (AAA/Aaa) launched a minimum A$25 million (US$19 million) increase to its August 2028 Kangaroo on 22 May, via TD Securities. The forthcoming deal has indicative price guidance of 42 basis points area over semi-quarterly swap and 46.75 basis points area over Australian Commonwealth government bond. Pricing is expected on the day of launch.

On 21 May, Industrial and Commercial Bank of China New Zealand (ICBC NZ) (A/A1) revealed plans to meet fixed-income investors regarding a possible New Zealand dollar-denominated deal. ANZ and Westpac New Zealand are arranging the meetings.