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ING Bank Australia (ING Australia) is planning to engage with investors in relation to its Idol Trust residential mortgage-backed securities (RMBS) programme, the issuer revealed on 11 May. ING, Macquarie Bank, National Australia Bank and Westpac Institutional Bank are arranging the investor meetings, after which an Australian dollar RMBS deal may follow.
Bluestone Group (Bluestone) began taking indications of interest on a residential mortgage-backed securities (RMBS) issue, Sapphire XVI 2017-1, on 11 May. The transaction has a 10-tranche structure (see table below), in which the class B, C, D and E notes are preplaced according to the deal's lead managers.
On 11 May, GMT Bond Issuer (BBB) – the financing entity of Goodman Property Trust – revealed it is considering an offer of seven-year, fixed-rate, senior-secured bonds. The offer, which will be targeted at institutional and New Zealand retail investors, will be made under the same-class exemption rules.
Oesterreichische Kontrollbank (OKB) (AA+/Aa1) mandated an increase to its August 2025 Kangaroo bond on 10 May. The increase, which is due to price on 11 May, has Deutsche Bank as its sole lead and is being marketed at 62 basis points over semi-quarterly swap.
KommuneKredit (AAA/Aaa) launched an increase to its November 2026 Kangaroo bond on 10 May. According to the forthcoming transaction’s lead manager, Deutsche Bank, the tap is being marketed at 70 basis points over semi-quarterly swap.
If socially responsible fixed-income asset classes, and in particular green bonds, become a consistent component of the Australian debt market it seems likely that March-April 2017 will be looked back on as a landmark period. Issuance volume hit an all-time high, including a clutch of breakthrough and innovative transactions.
Genesis Energy (BBB+/S&P) launched an offer of up to NZ$225 million (US$41 million) 30-year subordinated notes to institutional investors and New Zealand retail investors on 10 May, according to an announcement lodged with the NZX. The new offer, which is rated BB+ and has a final maturity of 9 June 2047, has an indicative margin range of 275 to 295 basis points over five-year mid-swap.
On 10 May, African Development Bank (AfDB) (AAA/Aaa) mandated a tap to its January 2025 Kangaroo bond. The forthcoming increase will be for minimum of A$25 million (US$18.4 million) and is being marketed at 50 basis points over semi-quarterly swap or 52.75 basis points over the Australian Commonwealth government bond.
Lendlease Real Estate Investments as responsible entity of Australian Prime Property Fund Retail (APPF Retail) (A+ by S&P) revealed on 10 May that it has mandated a potential seven-year domestic deal. Initial price talk is in the area of 130 basis points over semi-quarterly swap.
Commonwealth Bank of Australia and National Australia Bank are leading the forthcoming transaction, which is expected to launch on 11 May.