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On 7 September, ME Bank began taking indications of interest across the full capital structure of its latest residential mortgage-backed securities (RMBS) issue, SMHL Series 2017-1 RMBS, after releasing initial price guidance on the A$460 million (US$368.3 million) class A notes of the transaction on 1 September.
On 7 September, Toronto Dominion Bank (TD Bank) (AA-/Aa2) launched a minimum A$150 million (US$120.1 million) increase to its September 2018 floating-rate Kangaroo bond The forthcoming tap issue is being marketed in the area of 30 basis points over three-month bank bills and is expected to price on the same day as launch, according to sole lead TD Securities.
The Reg S Australian dollar benchmark deal for Volkswagen Financial Services Australia (VWFS) (BBB+/A3) progressed to launch on 6 September. The forthcoming transaction, which will emerge in either or both of fixed- and floating-rate format, is being marketed at 130-135 basis points over swap benchmarks, according to lead managers Citi and HSBC.
Bank of New Zealand (BNZ) (AA-/A1/AA-) launched an indicative NZ$100 million (US$90.5 million) – with the right to accept unlimited oversubscriptions – three-year floating-rate notes transaction on 6 September. The self-led wholesale deal has an indicative margin of 80-83 basis points over bank bills, with the margin scheduled to be set on 8 September.
Global Switch Property Australia (Global Switch) completed the tender offer to buy back its December 2020 domestic notes on 6 September. The offer, which was originally launched on 22 August, has seen A$86.62 million (US$69.25 million) of paper bought back by the issuer.
NWB Bank (NWB) (AAA/Aaa) launched a minimum A$15 million (US$12 million) increase to its July 2027 Kangaroo bond on 6 September. The forthcoming tap transaction, which is due to price on the same day as launch, is being marketed in the area of 68 basis points over semi-quarterly swap or 77 basis points area over Australian Commonwealth government bond.
On 6 September, Centuria Capital Group (Centuria) (NR) launched a A$25 million (US$20 million) increase to its April 2021-maturity fixed-rate bonds. The forthcoming tap issue is expected to price on the same day as launch, according to lead manager National Australia Bank.