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ANZ Banking Group (ANZ) set the margin for its latest additional-tier-one offer – ANZ Capital Notes 5 – following the completion of the broker firm reinvestment offer bookbuild on 23 August. According to an announcement lodged with the Australian Securities Exchange (ASX), the margin has been set at 380 basis points over bank bills, the tight end of 380-400 basis points over bills guidance.
In a New Zealand government bond (NZGB) programme update released on 23 August, the New Zealand Debt Management Office (NZDMO) revealed that its 2017/18 programme will remain unchanged in light of the pre-election economic and fiscal update 2017.
Suncorp-Metway (Suncorp) disclosed on 23 August that it is preparing to engage with investors in relation to its Apollo residential mortgage-backed securities (RMBS) programme. An Australian dollar-denominated RMBS transaction may follow, according to the meetings’ arrangers ANZ, Macquarie Bank, National Australia Bank and Westpac Institutional Bank.
On 23 August, DBS Bank launched a new, minimum A$300 million (US$237.4 million) three-year covered bond. The forthcoming deal, which has an expected rating of Aaa/AAA (Moody’s/Fitch), will emerge in either or both or fixed- or floating-rate format and is being marketed in the area of 53 basis points over swap benchmarks. Pricing is expected in the near future, according to joint lead managers ANZ, Deutsche Bank, DBS Bank, National Australia Bank and RBC Capital Markets.
The 10.25-year non-call 5.25-year Australian dollar tier-two deal for AMP progressed to launch on 23 August. The forthcoming transaction, which has an expected rating of BBB by S&P Global Ratings, is being marketed in the area of 190-200 basis points over three-month bank bill swap rate, according to joint lead managers National Australia Bank, UBS and Westpac Institutional Bank.
Global Switch Property Australia (Global Switch) launched an offer to buy back all or some of its A$100 million (US$79.1 million) December 2020 domestic notes on 22 August. The offer is being made as part of Global Switch’s liability management and to decrease its overall level of indebtedness, the issuer says.