Latest News
New Zealand’s investment landscape has seen a step change in the use of screening over the past year according to the findings of a report published by Responsible Investment Association Australasia (RIAA). “Consumer demand combined with media and political pressure in 2016” sparked 2,500 per cent year-on-year growth in “core” or screened assets under management, to NZ$42.7 billion (US$31.2 billion).
Teachers Mutual Bank (Teachers Mutual) (BBB/Baa1) disclosed on 9 August that it is preparing to meet investors in a series of meetings to begin on 23 August. A potential Australian dollar-denominated, tier-two deal may follow, according to the meetings’ arranger Commonwealth Bank of Australia.
On 9 August, Suncorp-Metway (Suncorp) (A+/A1/A+) mandated a new, five-year Australian dollar benchmark senior bond. The forthcoming transaction is expected to launch in the near future, according to joint lead managers ANZ, Commonwealth Bank of Australia, Citigroup and Westpac Institutional Bank.
Inter-American Development Bank (IADB) (AAA/Aaa) launched a new, minimum A$100 million (US$79.1 million) February 2028 Kangaroo bond on 9 August. Initial price guidance for the deal is in the area of 45 basis points over semi-quarterly swap or 52 basis points over Australian Commonwealth government bond.
Places for People Treasury (Places for People) (A/A3) revealed initial price thoughts on a five-year domestic deal on 9 August. The forthcoming deal is being marketed at 190-195 basis points area over semi-quarterly swap and is expected to launch “in the near term”, according to lead manager National Australia Bank.
The debut Kangaroo transaction issued by Verizon Communications (Verizon) highlights the increasingly productive state of the Australian dollar corporate bond market and its international competitiveness, market users say. Verizon elected to debut in Australia off a local programme, maximising the scale of its deal without compromising on relative pricing.
CNH Industrial Capital Australia (CNH Capital) launched a minimum A$350 million (US$277.6 million) CNH Receivables Trust Series 2017-1 asset-backed securities (ABS) issue on 8 August. The transaction is expected to price on or before 11 August, according to sole lead manager ANZ.