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On 7 June, Holcim Finance (Holcim) launched a new Australian dollar-denominated, five-year senior-unsecured transaction. Initial price guidance is in the area of 160 basis points over semi-quarterly swap and it is expected to price no later than 8 June, according to joint lead managers ANZ, National Australia Bank and UBS.
South Australian Government Financing Authority (SAFA) (AA/Aa1) revealed updated price guidance for its September 2027 syndicated reopening on 7 June. The issuer says the book has built steadily and is now approaching A$1.2 billion (US$901.7 million) in “soft and firm” bids, with price guidance revised to 61.5 basis points over EFP from 61-62 basis points at launch and to 58.25 basis points from 57.75-58.75 basis points over Australian Commonwealth government bond.
Eclipx Group (Eclipx) disclosed on 6 June that it is planning to engage with investors in relation to its asset-backed securities (ABS) programme. A potential New Zealand dollar-denominated transaction may follow, according to arrangers ANZ, BNZ and Westpac Institutional Bank.
Asian Development Bank (ADB) (AAA/Aaa/AAA) launched a minimum A$200 million (US$149.8 million) increase to its September 2023 Kangaroo bond and a further A$100 million minimum to its September 2027 Australian dollar line on 6 June. The transactions are being marketed at 39 and 48 basis points over semi- quarterly swap respectively, or 53.5 and 65 basis points over Australian Commonwealth government bond.
Australia’s resurgent securitisation market received a further boost at the start of June as Commonwealth Bank of Australia (CommBank) became the first big-four bank of the year to price a residential mortgage-backed securities (RMBS) deal. Recent deals continue to demonstrate the evolution of demand for Australian securitisation across investor geography and credit level, issuers say.
On 6 June, South Australian Government Financing Authority (SAFA) (AA/Aa1) launched a syndicated increase of up to A$750 million (US$561.8 million) to its September 2027 benchmark bond. The forthcoming deal is being marketed in the area of 61-62 basis points over EFP or 57.75-58.75 basis points over Australian Commonwealth government bond.
Commonwealth Bank of Australia printed A$2.4 billion (US$1.8 billion) and Credit Union Australia A$900 million in new residential mortgage-backed securities deals during the first days of June. Meanwhile across the Tasman Sea, Westpac New Zealand printed NZ$500 million (US$354 million) in a new five-year senior domestic deal.
Newcastle Permanent Building Society (NPBS) (BBB/A2) launched a new two-year senior-unsecured transaction on 2 June, seeking indicative volume of A$50 million (US$36.9 million). The deal, which has Westpac Institutional Bank as lead, is being marketed at 120 basis points over bank bills area and will price on day of launch.