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Bank of China (BoC) (A/A1/A) revealed plans to hold calls with Asia-Pacific and European fixed income investors as part of the “One Belt, One Road” initiative, starting on 4 April. A short- to medium-term Reg S transaction may follow to be denominated in one or more of US dollars, euros, sterling and Australian dollars. BoC also mandated a New Zealand domestic deal on the same day.
AMP Bank (A/A2) launched a two-year senior-unsecured domestic floating-rate note (FRN) transaction on 4 April. Indicative price guidance is 75 basis points area over three-month bank bills. Pricing is expected on the day of launch, according to lead managers ANZ, National Australia Bank and Westpac Institutional Bank.
On 4 April, Liberty Financial (Liberty) revealed plans to hold a series of domestic and offshore debt investor meetings regarding a potential residential mortgage-backed securities (RMBS) transaction, to be denominated in either or both of Australian dollars and euros. The meetings will commence on 9 April, and are being arranged by Bank of America Merrill Lynch, Commonwealth Bank of Australia, Deutsche Bank, National Australia Bank and Westpac Institutional Bank.
On 3 April, Volkswagen Financial Services (Volkswagen) launched its new asset-backed securities (ABS) transaction, Driver Australia Five. The dual-tranche deal has indicative volume of A$699 million (US$535.5 million).
On 3 April, NWB Bank (AAA/Aaa) launched a minimum A$15 million (US$11.5 million) increase to its July 2028 Kangaroo bond, via Daiwa Capital Markets. The forthcoming transaction has indicative price guidance of 53 basis points area over semi-quarterly swap.
Liberty Financial priced a A$150 million (US$114.8 million) three-year senior deal in an otherwise quiet week in the run up to Easter. Meanwhile in securitisation, La Trobe Financial printed A$750 million in its first residential mortgage-backed securities transaction of 2018.