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In the wake of Adelaide Airport’s first domestic transaction in seven years, deal sources attribute robust demand to a desire for infrastructure assets as well as the ongoing hunt for credit product. Flexibility on the part of the issuer and investors was also key.
Places for People Treasury (Places for People) (A/A3) disclosed on 13 July that it is preparing to embark a series of fixed-income investor meetings in Australia. The meetings will commence in the week of 24 July, according to their arranger National Australia Bank, with an Australian dollar-denominated capital-markets transaction expected to follow.
Macquarie Leasing revealed on 12 July that it has started to take indications of interest on the A$500 million (US$382.6 million) no-grow class A notes of SMART ABS Series 2017-2 Trust. Initial price thoughts are in the high 90 basis points area over one-month bank bills for the 1.99-year weighted-average life tranche, which has expected ratings of Aaa/AAA from Moody’s/Fitch.
On 12 July, African Development Bank (AfDB) (AAA/Aaa) launched an indicative A$25 million (US$19.1 million) increase to its July 2027 Kangaroo bond, with initial price guidance in the area of 47 basis points over semi-quarterly swap. According to lead manager Daiwa Capital Markets, the tap issue will price on the same day as launch.
Kommunalbanken Norway (KBN) (AAA/Aaa) launched a minimum A$25 million (US$19.1 million) increase to its December 2026 Kangaroo bond on 12 July. Initial price guidance on the forthcoming transaction is 60 basis points area over semi-quarterly swap or 75.75 basis points area over Australian Commonwealth government bond.
