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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.
Westpac Banking Corporation (Westpac) (AA-/Aa3/AA-) mandated a new, Australian dollar-denominated, tier-two deal on 8 August. Price guidance on the forthcoming 12-year non-call seven-year EMTN transaction, which is expected to be rated BBB/Baa1, is 190 basis points area over semi-quarterly swap, according to lead managers Nomura, TD Securities and Westpac Institutional Bank.
In the wake of New Zealand’s first-ever green bond, the deal’s issuer and arranger express optimism around the development of socially responsible investment (SRI) locally. In particular, they highlight a change in the nature of conversations market participants are having about the emerging asset class as a sign of burgeoning demand.
Toyota Finance New Zealand (Toyota NZ) (AA-/Aa3) launched a new domestic transaction on 7 August. The five-year deal is for indicative volume of NZ$75 million (US$55.6 million) and is being marketed at 80-90 basis points over mid-swap by its lead manager, ANZ.
In the wake of two – one domestic and one offshore – senior-unsecured deals issued during the month of July, Bank of New Zealand (BNZ) says lower volume of domestic issuance in recent years is offset by a greater call on foreign-currency markets in line with issuer strategy. There has been no impact on demand from a one-notch Moody’s Investors Service (Moody’s) downgrade in May 2017, the issuer insists.
Verizon Communications made its debut into the Australian dollar market during the first week of August, netting A$2.2 billion (US$1.76 billion) in four tranches. Meanwhile, UBS Australia Branch printed A$1.7 billion in a three-year dual-tranche domestic deal.
Verizon Communications (Verizon) (BBB+/Baa1/A-) launched a new multi-tranche Australian dollar-denominated Kangaroo bond on 3 August.
CNH Industrial Capital Australia (CNH Capital) is taking indications of interest on its CNH Industrial Capital Australia Receivables Trust Series 2017-1 asset-backed securities (ABS) transaction.
