Latest News
Infratil announced an offer of NZ$75-150 million (US$52.8-105.6 million) in two tranches of infrastructure bonds on 18 May. The new December 2022 bonds will carry an interest rate of 5.65 per cent while the June 2025 notes will pay 6.15 per cent.
IMB Bank (BBB+, with an expected issue rating of BBB-) mandated a new tier-two deal on 18 May. The forthcoming transaction has 10-year, non-call five maturity and is being marketed at a margin in the low 300s basis points over swap according to its lead manager, ANZ.
GMT Bond Issuer (BBB, with an expected issue rating of BBB+), the issuing entity of Goodman Property Trust (Goodman), launched a seven-year, retail-format transaction in the New Zealand market on 18 May. The deal is for NZ75 million (US$52 million) with capacity to upsize by up to NZ$25 million.
S&P Global Ratings (S&P) affirmed its triple-A rating on the Australian sovereign – with negative outlook – on 17 May. S&P’s update reflects the consensus view of analysts that the 2017/18 Australian budget largely offers fiscal continuity rather than significant consolidation or deterioration.
On 17 May, Shopping Centres Australasia Property Group (SCA Property) disclosed plans to update debt investors ahead of a potential Australian domestic deal from Shopping Centres Australasia Property Retail Trust (Baa1). Citi, Commonwealth Bank of Australia and Westpac Institutional Bank are arranging the investor update.
KfW Bankengruppe (KfW) (AAA/Aaa/AAA) launched an increase to its March 2024 Kangaroo bond on 17 May. The deal is being marketed at 46 basis points over semi-quarterly swap or 48.25 basis points over Australian Commonwealth government bond via Nomura and RBC Capital Markets.
Caterpillar Financial Australia (Caterpillar) (A/A3) mandated banks for a potential three-year transaction on 17 May. Initial price talk is in the area of 80 basis points over semi-quarterly swap according to the leads, ANZ, TD Securities and Westpac Institutional Bank.
MyState Bank updated the indications of interest process for its Conquest 2017-1 residential mortgage-backed securities (RMBS) deal on 17 May, to include an indicative margin on the top-rated notes. The forthcoming six-tranche transaction has indicative volume of A$400 million (US$297 million).