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Toyota Finance Australia (TFA) (AA-/Aa3) revealed on September 21 that it has launched and priced a A$150 million (US$113.4 million) one-year senior-unsecured floating-rate note. The transaction was upsized from A$100 million minimum at launch and priced in line with indicative price guidance of 40 basis points area over three-month bank bill swap rate (BBSW).
The three-year domestic floating-rate note (FRN) mandated by Bank of Tokyo-Mitsubishi UFJ Sydney Branch (BoTM Sydney) (A+/A1) on September 19 priced on September 20. The deal was for total volume of A$700 million (US$528.1 million) across fixed- and floating-rate tranches.
Liberty Financial (Liberty) priced its SME transaction, Liberty 2016-1 SME Trust, on September 20. The issue was for volume of A$400 million (US$300.4 million) and it was revealed prior to pricing that there was no intention of upsizing the deal.
Credit Union Australia (CUA) (BBB+/A3) launched and priced an increase to its December 2017 maturity floating-rate note (FRN) on September 19, with an indicative margin of 100 basis points over bank bills.
On September 16, Nederlandse Waterschapsbank (NWB) (AAA/Aaa) launched and priced an increase to its September 2026 Kangaroo bond. According to KangaNews data, the line was introduced in February for volume of A$50 million (US$37.6 million) and pricing of 77 basis points over Australian Commonwealth government bond (ACGB). It was most recently tapped by A$55 million on August 31, at 87.25 basis points over ACGB.
Rentenbank priced a new 10.5-year Kangaroo bond on September 14, for volume of A$100 million (US$74.6 million) and indicative pricing of 55 basis points over semi-quarterly swap.
Firstmac has disclosed plans to "engage with investors" in the week beginning September 19, ahead of a potential domestic residential mortgage-backed securities (RMBS) transaction. The September 14 announcement follows an RMBS launch from AMP Bank and meetings between Liberty Financial and investors around a potential SME-loan securitisation.
Westpac Banking Corporation (Westpac) (AA-/Aa2/AA-) launched and priced a new self-led senior-unsecured domestic deal on September 12, in line with a marketing spread of 43 basis points over bank bill swap rate (BBSW). Westpac is the last of the major-bank issuers to seek one-year funding from the Australian public market since July.
Post-deal insights: Supply drivers in the spotlight as New Zealand corporate flow hits record levels
The comingling of retail and institutional investment pools that has helped drive a resurgence in New Zealand credit deal flow continues to support supply, say lead managers and issuers from the two most recent corporate deals. Issuance is also being backed by redemption flows and corporate borrowers taking the opportunity to diversity their funding.