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On 11 May, following the release of the Western Australian state budget, Western Australian Treasury Corporation (WATC) revealed a borrowing requirement of A$8 billion (US$6 billion) for the 2018/19 financial year. The requirement is comprised of A$5.3 billion of refinancing and A$2.7 billion of new money. According to WATC, its “benchmark bond programme will be the primary source of funding, supplemented by floating-rate notes”.
On 14 May, Province of Québec (Québec) (AA-/Aa2) launched a minimum A$25 million (US$18.9 million) increase to its October 2028 Kangaroo line. The forthcoming transaction has indicative price guidance of 50 basis points area over semi-quarterly swap, equivalent to 55.5 basis points area over Australian Commonwealth government bond.
On 14 May, Resimac launched its Premier Series 2018-1 prime residential mortgage-backed securities (RMBS) transaction. The deal has an indicative total volume equivalent to A$750 million (US$567.1 million), including the US dollar-denominated Class A1 notes.
Northern Territory Treasury Corporation launched a capped A$250 million (US$188.8 million) syndicated increase to April 2028 line on 14 May. The forthcoming deal has indicative price guidance of 61-64 basis points area over EFP. Pricing is expected on the day of launch, according to lead managers ANZ and UBS.
On 14 May, the Australian Office of Financial Management (AOFM) launched a syndicated tap of its June 2039 Treasury bond. The forthcoming transaction will be “of a modest size” and has indicative price guidance of 35-37 basis points over the implied bid yield for the primary 10-year Treasury bond futures contract. Pricing is expected on the day after launch.
On 14 May, Christchurch International Airport (Christchurch Airport) (BBB+/S&P) revealed an indicative margin of 125-135 basis points over swap for its NZ$75-100 million (US$52.2-69.6 million) six-year fixed-rate domestic deal. The final margin will be set on 18 May, following a bookbuild, according to lead manager Westpac New Zealand.
National Australia Bank printed A$2.7 billion (US$2 billion) across a multi-tranche three- and five-year deal during the second week of May. Meanwhile, Macquarie Group completed the bookbuild for an upsized A$650 million additional tier-one capital notes transaction and Landesbank Baden-Württemberg priced a A$250 million 10-year tier-two EMTN deal.
On 11 May, the Australian Office of Financial Management (AOFM) revealed plans for a syndicated tap of its June 2039 Treasury bond. The transaction will be of “modest size” and is expected to be undertaken in the week commencing 14 May.
On 11 May, Northern Territory Treasury Corporation (NTTC) (Aa2) mandated a capped A$250 million (US$188.2 million) syndicated increase to its April 2028 line. The deal is expected to launch in the “near future”, according to lead managers ANZ and UBS.
On 10 May, QIC Shopping Centre Fund (A-/S&P) revealed plans to meet debt investors in Asia and Australia regarding a possible 5-7 year Australian dollar-denominated transaction. Commonwealth Bank of Australia and National Australia Bank will arrange the meetings, to commence on 14 May.
