Downer upsizes 2013 domestic deal to maximum A$150 million
Having launched the transaction with a target volume of A$100 million (US$92.33 million) the day before, Downer EDI (Downer) (BBB) priced its new October 2013 maturity bond on October 22 with an upsize to the maximum quantity of paper the issuer was prepared to print: A$150 million. Margin on the deal was in line with the indicative level, at 375 basis points over swap.TCorp's A$1.5 billion guaranteed 2020 gets double oversubscription [UPDATED]
New South Wales Treasury Corporation (TCorp) (AAA/Aaa) priced the maximum target volume of A$1.5 billion (US$1.39 billion) in its new 2020 benchmark line on October 22, with total bids on the deal of almost double the eventual size. The syndicated deal was TCorp's first new line to be brought to market with the expectation of coverage under the Commonwealth government's guarantee programme.Kiwibank nets A$250 million in first FI Kangaroo since 2007
Kiwibank (AA-) priced the first financial institution (FI) Kangaroo bond for over two years on October 15, selling A$250 million (US$228.15 million) of fixed rate, five-year notes at a margin of 42 basis points over bank bill swap rate (BBSW). The bonds are covered by the New Zealand government guarantee and are rated AA+/Aaa/AAA in line with the sovereign's foreign currency credit ratings.
Third party demand across tranches of Resimac's latest RMBS
The residential mortgage-backed security (RMBS) deal priced on October 21 by Resimac saw participation from third party investors in tranches across the deal alongside cornerstone investment from the Australian Office of Financial Management (AOFM), lead managers say. The A$290 million (US$267.67 million) Premier Series 2009-2 RMBS saw participation from 10 third party investors as well as the AOFM.Aussie names in the frame as Maple market takes first steps back
The settlement of its C$300 million (US$292.88 million) 3.625 per cent five-year deal on October 14 means Commonwealth Bank of Australia (AA/Aa1/AA) has successfully issued just the second Maple bond of 2009 – the first with a fixed coupon. However, TD Securities (TD), which lead-managed both Maples, says it is too early to call a revival of the market and anticipates it will take a while for sovereign, supranational and agency (SSA) issuers to make a comeback.