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On 10 April, Resimac revealed plans to engage with investors regarding a possible transaction from its Premier residential mortgage-backed securities (RMBS) programme. The potential deal will include Australian dollar tranches as well as US dollar tranches in 144A format. Citi, MUFG Securities, National Australia Bank and Westpac Institutional Bank will arrange the investor meetings.
Volkswagen Financial Services (Volkswagen) (BBB+/A3) launched a three-year, Australian dollar-denominated benchmark transaction on 10 April, via ANZ and TD Securities. The forthcoming deal is being marketed in the area of 110 basis points over semi-quarterly swap and is expected to price on the day of launch.
On 10 April, Bank of China Sydney Branch (BoC Sydney) (A/A1/A) launched a new, three-year Australian dollar-denominated benchmark floating-rate note (FRN) transaction. Indicative price guidance for the forthcoming deal, which comes hot on the heels of a Bank of China New Zealand domestic launch, is 108 basis points area over three-month bank bills.
In the wake of the first euro-denominated Australian-origin nonfinancial corporate transaction of 2018, issuer and lead managers share in-depth insights into execution strategy in arguably the most volatile global backdrop seen in several years. Flexibility is key, and execution certainty should be the most pertinent consideration for issuers as the balance of power shifts back to investors.
On 9 April, FlexiGroup revealed plans to engage with investors in Australia and New Zealand regarding a possible Australian dollar-denominated asset-backed securities (ABS) transaction, which will include green tranches. Commonwealth Bank of Australia and National Australia Bank have been mandated to arrange the meetings, commencing in the week beginning April 16.
On 9 April, Aroundtown (BBB+/S&P) announced plans to hold investor meetings in Singapore, Melbourne, Sydney and Hong Kong, regarding a possible debut 7-10-year Australian dollar-denominated senior-unsecured deal. The meetings, to be arranged by Citi and UBS, will commence in the week beginning 16 April.
On 9 April, Volkswagen Financial Services (Volkswagen) revealed plans for a potential Australian dollar-denominated, three-year senior-unsecured deal. The transaction is expected to launch in the near future, according to lead managers ANZ and TD Securities.
Australian Capital Territory (ACT) (AAA/S&P) launched a new, Australian dollar-denominated, 10-year syndicated benchmark transaction on 9 April. Indicative price guidance for the forthcoming deal is 52-56 basis points area over the 10-year futures contract, equivalent to 53.5-57.5 basis points area over Australian Commonwealth government bond.
On 9 April, Bank of China New Zealand (BoC NZ) (A/A1) launched a domestic deal as part of Bank of China (BoC)’s planned multicurrency transaction under the “One Belt, One Road” initiative. The deal will come in either or both of three-year floating-rate format, with indicative price guidance in the area of 110-120 basis points over three-month bank bills, and five-year fixed-rate format, being marketed in the area of 130-140 basis points over mid-swap.