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John Deere Financial (John Deere) (A/A2/A) mandated a five-year, Australian dollar-denominated, senior-unsecured transaction on 18 July. Initial price guidance for the deal is in the area of 90-95 basis points over semi-quarterly swap, according to lead manager Westpac Institutional Bank.
Commonwealth Bank of Australia (CommBank) (AA-/Aa3/AA-) launched a new, self-led, dual-tranche domestic benchmark on 18 July. Price guidance on the forthcoming five-year tranche is 86-89 basis points over three-month bank bills and semi-quarterly swap. Initial price guidance on the 10.5-year tranche is 105 basis points area over semi-quarterly swap.
Bank of New Zealand (BNZ) (AA-/A1) launched a new, five-year senior-unsecured retail-targeted domestic deal on 18 July. The issuer reveals that the indicative volume for the self-led transaction is up to NZ$100 million (US$73.2 million) with the right to accept unlimited oversubscriptions.
Resimac revealed late on 17 July that it has started taking indications of interest on the potential Premier Series 2017-2 residential mortgage-backed securities (RMBS) issue. The forthcoming deal will be comprised of seven tranches and has indicative volume of A$500 million (US$389.8 million).
The Australian government’s new bank levy is a classic example of good politics and bad policy. Fashioning a narrative where it is anything other than a tax on perhaps the only sector of the economy less popular than the government requires some serious mental gymnastics.
In the 10th annual supranational, sovereign and agency (SSA) issuer and UK-based investor roundtable, hosted by ANZ and KangaNews in London on 21 June, issuers and investors talk about operating in uncertain times and how they manage geopolitical risk. Participants also discuss their views on socially responsible issuing and investment.
Continuing the series of interviews with winners of the individual categories in the KangaNews Awards 2016, KangaNews speaks to Mark Butcher, Auckland-based chief executive at the New Zealand Local Government Funding Agency (LGFA) and winner of the New Zealand Treasury Executive of the Year Award, and Murray Jones, head of portfolio management at the New Zealand Debt Management Office (NZDMO) in Wellington and winner of the New Zealand Market Achievement Award.
Commonwealth Bank of Australia (CommBank) has established a dominant position in the KangaNews Fixed-Income Research poll over recent years. Following another stellar performance in 2017 (see p54), the CommBank analyst team talked to KangaNews about the nature of its role, how it thinks about the type of content from which users can extract real value and the key considerations in team members’ sector specialities.
The final instalment of the year-long project gauging the views of worldwide investors in Australasian credit product brought KangaNews and Westpac Institutional Bank (Westpac) back to Sydney in June. Participating investors discuss the local issues that are most pressing for them – including the globalisation of the Australian market and the growing momentum in off-benchmark Australian dollar issuance.
The Australian Securitisation Forum returned to London to host its annual investor seminar on 5 June. Speakers at the seminar, who included Australian issuers and international investors, discussed their outlook for Australian securitisation half-way through what has been a stellar year for new issuance.
Commonwealth Bank of Australia (CommBank) (AA-/Aa3/AA-) revealed on 17 July that has mandated a new, self-led dual-tranche senior-unsecured domestic benchmark transaction. The forthcoming deal will be comprised of five- and 10.5-year tranches and has initial price guidance in the high 80s basis points over three-month bank bill swap rate and semi-quarterly swap and 105 basis points area over semi-quarterly swap respectively.