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On 16 March, Kommunalbanken Norway (KBN) (AAA/Aaa) launched a minimum A$50 million (US$38.9 million) increase to its July 2028 Kangaroo bond. The forthcoming transaction has indicative price guidance of 51 basis points area over semi-quarterly swap and 60 basis points area over Australian Commonwealth government bond. Pricing is expected on the day of launch, according to lead managers Deutsche Bank and RBC Capital Markets.
The New Zealand Debt Management Office (NZDMO) says that with the dust settling on the outcome of last year’s election, and New Zealand dollar market conditions remaining conducive, the time was right to issue its new April 2029 nominal bond. The transaction received substantial demand from offshore, resulting in the largest-ever book for a NZDMO syndication.
Following a round of investor meetings, Pepper confirmed on 15 March that it plans to issue a new nonconforming residential mortgage-backed securities (RMBS) deal. Price guidance has been disclosed on the top four Australian dollar denominated tranches (see table below).
Westpac New Zealand (Westpac NZ) (AAA-/A1/AA-) mandated a new, five-year deal in its domestic market on 15 March. The self-led transaction is in fixed-rated format.
On 14 March, Rabobank New Zealand (A+/Aa2/AA-) launched a minimum NZ$100 million (US$73.3 million) three-year domestic floating-rate note (FRN) transaction. The forthcoming deal is being marketed at 75 basis points area over three-month bank bills. Pricing is expected on the day after launch according to lead managers ANZ and BNZ.
Auckland Council plans to tap the New Zealand dollar market for its debut green bond during 2018, as the issuer aims to play its part in providing the supply needed to catalyse domestic funds growth. The council revealed on 7 March that it plans to become a green-bond issuer this year, though it is yet to develop detailed transaction plans.