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On 20 April, Province of Alberta (Alberta) (A+/Aa1) launched a minimum A$50 million (US$38.6 million) increase to its April 2028 Kangaroo bond, via RBC Capital Markets. Indicative price guidance for the forthcoming transaction is 52 basis points area over semi-quarterly swap and 55 basis points area over Australian Commonwealth government bond. Pricing is expected on the day of launch.
On 20 April, Growthpoint Properties Australia (Growthpoint) (Baa2) revealed plans to meet investors in Australia and Asia regarding a possible seven-year domestic green-bond transaction. ANZ, National Australia Bank and Westpac Institutional Bank will arrange the meetings, set to commence 30 April.
Deal sources on Brisbane Airport Corporation (Brisbane Airport)’s recent domestic transaction – the issuer’s first in Australian dollars since October 2013 – say the transaction’s strong orderbook and tight pricing is proof of the Australian market’s continued competitiveness.
NWB Bank (AAA/Aaa) launched a minimum A$15 million (US$11.6 million) increase to its July 2028 Kangaroo line on 20 April, via Nomura. Indicative price guidance for the forthcoming transaction is 57 basis points area over semi-quarterly swap.
Recent deal outcomes for Transurban Queensland and Sydney Airport demonstrate the ongoing willingness of a range of international markets to provide liquidity to Australian corporate borrowers, deal sources say. While pricing outcomes vary, specific issuers’ funding strategies and the ongoing desire for investor diversification are at least as important drivers of market selection.
In his first-ever speech to delegates at the KangaNews Debt Capital Markets Summit, Reserve Bank of Australia (RBA) assistant governor – financial markets, Christopher Kent, shared insights into how a low-rates world is affecting fixed-income markets, including whether the low-rate environment is driving excessive risk-taking.
One of the highest-profile international guests at the KangaNews DCM Summit was Pierre van Peteghem, treasurer at Asian Development Bank (ADB) in Manila. In conversation with Richard Mazzochi, partner at King & Wood Mallesons in Hong Kong, van Peteghem shared insights into ADB’s wider role in sustainable development and how growth in the Asia-Pacific region is changing the supranational’s mandate.
Bank of Queensland (BOQ) (BBB+/A3/A-) will host a global investor update call on 20 April, ahead of a potential issue of Australian dollar-denominated tier-two securities. The transaction being discussed is a floating-rate note with 10-year, non-call five maturity. ANZ, Bank of America Merrill Lynch and National Australia Bank have the mandate.