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National Australia Bank (NAB) (AA-/Aa2/AA-) printed A$500 million (US$384.5 million), upsized from A$250 million at launch, in a five-year fixed-rate social “gender-equality” bond on 17 March. The self-led transaction had initial price guidance of 95 basis points area over semi-quarterly swap.
Export Development Canada (EDC) (AAA/Aaa) tapped its June 2021 Kangaroo bond by A$225 million (US$172.6 million) on 17 March, bringing the total on issue in this line to A$1 billion. The transaction’s pricing margin was tightened by 2 basis points from its launch level of 39 basis points over semi-quarterly swap.
On 17 March, Investa Office Fund (BBB+ by S&P) revealed plans to hold a series of investor meetings and conference calls during the week of 20 March. A potential Australian dollar deal may follow, the meetings’ arranger, ANZ, adds.
La Trobe Financial priced a A$300 million (US$230.4 million) nonconforming residential mortgage-backed securities (RMBS) issue – La Trobe 2017-1 – on 16 March. Indicative price guidance over one-month bank bills was 145 basis points area on the A$165 million 2.1-year weighted-average life (WAL) A1 tranche, 190 basis points area on the A$45 million 2.1-year WAL A2 class and 200 basis points area on the A$45.3 million 2.1-year A3 class.
On 14 March, Queensland Treasury Corporation (QTC) (AA+/Aa1) priced an upsized March 2024-maturity, 144A-eligible green bond transaction. The deal was increased from A$500 million (US$378.1 million) at launch. Joint lead managers ANZ, Bank of America Merrill Lynch and National Australia Bank led the deal, pre-issuance for which was issued under the Climate Bonds Standard by the Climate Bonds Standards Board of the Climate Bonds Initiative.
People’s Choice Credit Union (PCCU) revealed on 15 March that it plans to engage with investors in relation to its Light Trust residential mortgage-backed securities (RMBS) programme. The meetings’ arrangers, ANZ, National Australia Bank and Westpac Institutional Bank, say a potential Australian dollar funding and capital relief RMBS transaction may follow.
The A$175 million (US$132.3 million) transaction priced by Kiwibank (A/A1/AA-) on 7 March and that had been due to settle on 15 March has been cancelled. A statement issued by the deal’s lead manager, ANZ, says the bank “has been advised by Kiwibank… that [it] cannot proceed with the settlement” and that “regrettably no further information is forthcoming at this stage”. An issuer source declined to comment to KangaNews.