On 17 May, PACCAR Financial (A+ by S&P) launched a new three-year, Australian dollar denominated, benchmark transaction. The deal is being marketed at 50-52 basis points area over semi-quarterly swap and is expected to price on the day of launch. ANZ, TD Securities and Westpac Institutional Bank are leading.
On 17 May, Precinct Properties New Zealand launched a NZ$100-150 million (US$72.5-108.7 million), six-year, senior-secured, green bond. Offered to institutional and New Zealand retail investors, indicative price guidance for the deal is 145-160 basis points area over mid-swap. Pricing is expected on 21 May, according to lead managers ANZ, BNZ, Forsyth Barr and Jarden Securities.
On 14 May, SkyCity Entertainment Group (BBB- by S&P) revised the indicative margin and extended the bookbuild for its NZ$125-175 million (US$89.80-125.7 million) six-year deal. In response to market changes, the margin has been revised to 160-170 basis points over mid swap from a range given at launch on 10 May of 170-190 basis points. The minimum interest rate remains 3 per cent.