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On 29 June, Pepper Group (Pepper) revealed plans to meet US investors in the week commencing 9 July and Australian investors in the week commencing 16 July, regarding a possible nonconforming residential mortgage-backed securities (RMBS) transaction. The potential deal will include Australian dollar and US dollar tranches across 144A and Reg S formats.
On 27 June, United Overseas Bank (UOB) (AA-/Aa1/AA-) revealed plans to meet fixed-income investors in Australia. The meetings, to be arranged by ANZ and National Australia Bank, will commence 3 July.
On 26 June, Axsesstoday launched a minimum A$50 million (US$37 million) five-year simple corporate bond, comprised of an institutional and a broker firm offer. The forthcoming floating-rate deal is being marketed at 490-520 basis points over bank bills. The final interest rate and margin will be determined following a bookbuild, scheduled for 3 July.
On 26 June, Genesis Energy (BBB+/S&P) completed the bookbuild process for its NZ$200-240 million (US$137.9-165.5 million) 30-year subordinated capital bond transaction. The interest rate has been set at 4.65 per cent, with a margin of 201 basis points over the swap benchmark. The final volume will be determined when the general offer closes on 9 July.
Auckland Council revealed its intention to be New Zealand’s first domestic green-bond issuer in March, with market development one of its key objectives. In the wake of the transaction’s pricing, on 21 June, deal sources say the issuer achieved this objective, uncovering significant demand and attracting new investors.
On 25 June, Teachers Mutual Bank (Teachers Mutual) (BBB/Baa1) launched an indicative A$100 million (US$74.4 million) three-year domestic floating-rate note (FRN) transaction. Indicative price guidance for the forthcoming deal is 140 basis points area over three-month bank bills. Pricing is expected on the day of launch, according to lead managers National Australia Bank and Westpac Institutional Bank.
The third week of June saw the first-ever domestic green bond in New Zealand, with Auckland Council's NZ$200 million (US$137.9 million) five-year deal. AMP Bank's A$1 billion (US$739.4 million) residential mortgage-backed securities transaction highlighted deal flow in Australia.