Latest News
On 22 January, KommuneKredit (AAA/Aaa) launched a minimum A$50 million (US$40 million), 10.5-year Kangaroo bond, via J.P. Morgan and RBC Capital Markets. Indicative price guidance is 60 basis points area over semi-quarterly swap, with pricing expected on the day of launch.
Treasury Corporation Victoria (TCV) (AAA/Aaa) launched syndicated increases of its October 2028 and December 2032 bond lines on 22 January. Indicative price guidance is in the range of 39-41 basis points and 64-67 basis points over EFP respectively.
Pricing is expected on the day after launch, according to lead managers Bank of America Merrill Lynch, Deutsche Bank, National Australia Bank and UBS.
On 22 January, Newcastle Permanent Building Society (NPBS) (BBB/A3) revealed plans to update investors regarding a possible senior-unsecured Australian dollar transaction. An investor call is scheduled for 23 January, and is being arranged by National Australia Bank and Westpac Institutional Bank.
On 22 January, Bank of Queensland (BOQ) (BBB+/A3/A-) launched a five-year, senior-unsecured domestic benchmark bond, to be issued in either or both of fixed- and floating-rate formats. The forthcoming transaction is being marketed at 105-108 basis points area over swap benchmarks.
United Energy Distribution (UED) (A-/S&P) mandated a new five-year floating-rate domestic deal and an increase of its existing October 2024 domestic line on 22 January, with initial price guidance of 100-105 basis points and 115-120 basis points over swap respectively.
Commonwealth Bank of Australia (CommBank) (AA-/Aa3/AA-) launched a self-led, five-year senior domestic transaction on 22 January. The forthcoming deal will be in either or both of fixed- and floating-rate, with indicative price guidance of 80 basis points area over swap benchmarks. Pricing is expected on the day of launch.
South Australian Government Financing Authority (SAFA) (AA/Aa1) launched a syndicated increase to its August 2024 select line on 22 January. The forthcoming deal will be for volume of up to A$750 million (US$600 million) and has price guidance of 7.5-9.5 basis points over EFP, equivalent to 32-34 basis points over Australian Commonwealth government bond.
The third week of January was busy across multiple sectors, led by the Australian Office of Financial Management's A$9.6 billion (US$7.7 billion) November 2029 syndication. Elsewhere, Deutsche Bank Sydney Branch priced a A$450 million senior nonpreferred EMTN and World Bank printed NZ$700 million (US$510.5 million) in a five-year Kauri.
Commonwealth Bank of Australia (CommBank) (AA-/Aa3/AA-) mandated a self-led, 5.25-year Australian dollar senior-unsecured transaction on 19 January. The deal is expected to launch and price in the week beginning 22 January.