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On 24 May, EUROFIMA (AA+/Aa1) launched an indicative A$20 million (US$14.9 million) tap to its January 2027 Kangaroo bond. The forthcoming deal is being marketed at 68 basis points over semi-quarterly swap or 83 basis points over Australian Commonwealth government bond.

Mid-curve Kangaroo market pricing has swung back into a range that some global supranational, sovereign and agency (SSA) borrowers consider to be an acceptable premium for diversification purposes, market participants say. A recent-year issuance decline shows signs of having bottomed out – though it is yet to rebound – and market users say demand for the SSA product is steadily broadening.

The 5.25-year covered-bond transaction for Westpac Banking Corporation (Westpac) (AA-/Aa2/AA-) progressed to launch on 24 May. The forthcoming, dual-tranche deal has indicative volume of A$1 billion (US$747.7 million) in floating-rate format and a further A$300 million in fixed, and price guidance is in the area of 78 basis points over bank bills and semi-quarterly swap respectively.

The minimum A$100 million (US$74.4 million) three-year, senior-unsecured deal for Liberty Financial (Liberty) (BBB-/S&P) progressed to launch on 24 May. Price guidance is in the area of 325 basis points over semi-quarterly swap, the issuer reveals, with the transaction expected to price on the same day as launch.

Updated

Initial price talk on the new, self-led domestic covered-bond benchmark transaction mandated by Westpac Banking Corporation (Westpac) (AA-/Aa2/AA-) on 23 May is 78 basis points over swap. The deal will have five-and-a-quarter-year duration and is being offered in either or both of fixed- and floating-rate format.

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Municipality Finance (MuniFin) (AA+/Aa1) launched a A$15 million (US$11.2 million) minimum increase to its July 2027 Kangaroo on 23 May. The TD Securities-led tap is being marketed at 65 basis points over swap or 78 basis points over Australian Commonwealth government bond.