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On September 9, Westpac Banking Corporation (Westpac) (AA-/Aa2/AA-) launched and priced a self-led increase to its June 2026 domestic line. The deal was launched at A$50 million (US$38.2 million) and eventually priced A$75 million.
National Australia Bank (AA-/Aa2/AA-, with an expected issue rating of BB+/A3/A+) priced a new domestic tier-two deal on September 9. The bank was seeking a minimum of A$400 million (US$307.2 million) from the transaction at a target margin of 240-250 basis points over fixed- or floating-rate swap benchmark.
On September 9, Swedbank (A+/Aa3/A+) revealed plans to meet with investors in Sydney and Melbourne. The series of fixed-income investor meetings will commence during the week of September 12.
On September 8, Motor Trade Finance New Zealand (MTF) priced its first asset-backed securities (ABS) transaction since July 2014. MTF Torana Trust 2016 has a seven-tranche structure and printed final aggregate volume of NZ$220 million (US$194 million), and upsize from indicative volume of NZ$198 million at launch two days previously.
National Australia Bank (NAB) (AA-/Aa2/AA-) launched and priced a self-led, one-year, senior-unsecured domestic deal on September 7. The transaction priced in line with initial guidance of 43 basis points area over three-month bank bill swap rate (BBSW). NAB is the third major-bank issuer to issue a public one-year maturity deal in the Australian market since July.
National Australia Bank (NAB) (AA-/Aa2/AA-) revealed on September 6 that plans to hold an investor update call on September 7, ahead of a potential Australian dollar tier-two transaction. According to KangaNews data, NAB last issued a domestic tier-two in March 2015. This A$1.1 billion (US$840 million), 10-year non-call five maturity issue priced at 185 basis points over bank bills and, according to Yieldbroker ratesheets, was indicated at 195 basis points over bank bills at the close on September 5.
On September 6, Asian Development Bank (ADB) (AAA/Aaa/AAA) priced an increase to its October 2026 Kangaroo line. The transaction printed in line with the minimum target volume of A$100 million (US$75.7 million) and initial price guidance was the area of 49 basis points over semi-quarterly swap and 53.75 basis points over Australian Commonwealth government bond (ACGB).
On September 5, United Energy Distribution (UED) (BBB/Baa2) printed A$350 million (US$266.1 million) in a new seven-year Australian dollar-denominated senior-unsecured transaction. Indicative pricing on the transaction was 185-190 basis points over semi-quarterly swap.
Australian deal activity was relatively quiet as corporate reporting season ended. Nissan Financial Services debuted in the Australian domestic market for A$300 million (US$226.4 million) of three-year notes. Meanwhile, the New Zealand market picked up with two new corporate deals pricing.