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In March this year, Western Australia (WA) had its first change of government in eight years. Following the September delivery of his first budget, the state’s treasurer, Ben Wyatt, talked to KangaNews about the new government’s targets of financial prudence, and how its revenue and expenditure measures should reassure investors, markets and rating agencies.
Resimac will engage with investors in relation to its nonconforming residential mortgage-backed securities (RMBS) programme, Bastille, ahead of a potential new RMBS transaction, the issuer revealed on 28 September. Commonwealth Bank of Australia, Deutsche Bank, Macquarie Bank and National Australia Bank are arranging the meetings.
Dunedin City Treasury (AA) launched a dual-tranche, institutional format domestic deal on 28 September, via ANZ and Westpac Institutional Bank. The issuer is offering three-year floating-rate notes and seven-year fixed-rate bonds in the deal, which is for aggregate volume of up to NZ$80 million (US$57.8 million).
Kommunalbanken Norway (KBN) (AAA/Aaa) began marketing an increase to its July 2024 Kangaroo bond on 27 September. The forthcoming deal has price guidance of 52 basis points area over semi-quarterly swap and will price the day after launch, according to sole lead Deutsche Bank.
The arranger of Australia’s latest social benefit bond (SBB) says institutional investors are taking a more proactive interest in the asset class – though substantial allocations remain a work in progress. The frequency of impact-investment transactions has grown in 2017, but to attract the institutional investor base market participants say more scale is still needed.
On 27 September, Bank of Montreal (BMO) (A+/A1/AA-) revealed plans for an inaugural Australian dollar benchmark deal. The forthcoming deal will be in either or both of fixed- and floating-rate format and has price guidance of 95 basis points area over swap benchmarks.
European Investment Bank (EIB) (AAA/Aaa/AAA) mandated a tap to its August 2022 Kangaroo bond on 27 September. The forthcoming deal has minimum volume of A$300 million (US$236.3 million) and indicative price guidance in the area of 35 basis points over semi-quarterly swap.