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International Finance Corporation (IFC) (AAA/Aaa) launched a capped increase of A$200 million (US$152.2 million) to its August 2022 Kangaroo bond and a minimum A$100 million increase to its October 2027 Kangaroo bond on 5 July. The transactions are being marketed at 31 basis points over semi-quarterly swap and 45 basis points over semi- quarterly swap respectively. They are expected to price by 6 July according to lead managers J.P. Morgan, Mizuho Securities and TD Securities.
Metropolitan Life Global Funding I (MetLife Funding) (AA-/Aa3/AA-) mandated a new 10-year Australian dollar transaction on 5 July. The deal is being marketed at 130 basis points over swap area according to its leads, ANZ, Commonwealth Bank, Deutsche Bank and National Australia Bank.
John Deere Financial (John Deere) (A/A2) mandated Westpac Institutional Bank on 4 July to organise a debt investor update call. The call is to take place on 12 July and a debt capital markets transaction is expected to follow subject to market conditions.
New Terminal Financing (BBB/Baa2), the funding vehicle for Adelaide Airport, launched a no-grow A$200 million (US$153.3 million), seven-year deal on 4 July. Initial price guidance on the deal is in the area of 150-155 basis points over swap, and it is expected to price on the day of launch according to lead managers ANZ and Westpac Institutional Bank.
Inter-American Development Bank (IADB) (AAA/Aaa) on 3 July mandated Deutsche Bank to increase its existing June 2026 Kangaroo bond. The forthcoming deal is being marketed at 44 basis points over semi-quarterly swap and is expected to price on 4 July according to the lead.
New Terminal Financing (BBB/Baa2), the funding vehicle for Adelaide Airport, mandated a seven-year, Australian dollar-denominated transaction on 3 July. Initial price guidance is in the area of 155-160 basis points over swap according to lead managers ANZ and Westpac Institutional Bank.
Macquarie Leasing mandated banks on 3 July to arrange a series of meetings with asset-backed securities (ABS) investors, to take place in the week beginning 10 July. An Australian dollar-denominated transaction under the SMART Australian auto ABS programmed is expected to follow, subject to market conditions. ANZ, Macquarie Bank and National Australia Bank are arranging the meetings.
The Australian residential mortgage-backed securities (RMBS) market continued its renaissance in the penultimate week of June with two new deals issuing. Auswide Bank printed ABA Trust 2017-1 for A$300 million (US$231.2 million) on 23 June, a day after Columbus Capital (Columbus) netted A$500 million from Triton 2017-1.