Latest News
On 4 December, Think Tank Commercial Property Finance (Think Tank) launched its commercial mortgage-backed securities (CMBS) transaction, Think Tank Series 2017-1 Trust. The deal has indicative volume of A$300 million (US$228 million) and will price on or before 7 December, according to arranger Commonwealth Bank of Australia and joint lead manager Westpac Institutional Bank.
In the wake of its second residential mortgage-backed securities (RMBS) transaction of 2017, Evan Dwyer, managing director at RedZed Lending Solutions (RedZed) in Melbourne, gives KangaNews an issuer update as book growth makes the company a more frequent visitor to the securitisation market.
Pepper Australia (Pepper) launched its prime residential mortgage-backed securities (RMBS) transaction, Pepper I-Prime 2017-3 Trust, on 4 December. The transaction has indicative total volume of A$400 million (US$303.7 million) and pricing is expected on or before 6 December, according to arranger National Australia Bank and additional lead managers Commonwealth Bank of Australia and Westpac Institutional Bank.
On December 4, AMP Bank launched a residential mortgage-backed securities (RMBS) transaction, Progress 2017-2. The forthcoming deal has indicative volume of A$750 million (US$569.9 million), with pricing expected on or before 7 December, according to arrangers MUFG Securities and Westpac Insitutional Bank, and additional lead managers Deutsche Bank, Macquarie Bank and National Australia Bank.
On 4 December, Kiwi Property Group (Kiwi Property) (BBB/S&P) launched a new, NZ$75-125 million (US$51.5-85.8 million) seven-year domestic bond. The offer has an indicative margin range of 145 to 155 basis points over mid-swap with the final margin and interest rate to be set following a bookbuild, scheduled for 12 December. There will be no public pool for the offer, lead managers Deutsche Craigs and Westpac Institutional Bank add.
The final week of November was highlighted by an A$1 billion (US$756.4 million) dual-tranche transaction from HSBC Sydney Branch and a pair of noteworthy securitisation deals. Liberty Financial priced an A$300 million auto asset-backed transaction and RedZed Lending Solutions returned for its second residential mortgage-backed securities deal of 2017.
On 1 December, South Australian Government Financing Authority (SAFA) (AA/Aa1) revealed plans for an indicative A$750 million (US$567.4 million) syndicated tap of its July 2026 select line. HSBC, RBC Capital Markets and UBS will lead the transaction, which is expected to launch and price during the first half of December.
Macquarie Group (Macquarie) (BBB/A3/A-) revealed on 30 November that it plans to conduct a series of meetings with investors in relation to an Australian dollar-denominated deal in either or both of senior callable and bullet benchmark format. The transaction may launch as early as week beginning 4 December, the meetings' arrangers ANZ, Commonwealth Bank of Australia, Macquarie Bank, National Australia Bank and Westpac Institutional Bank, add.