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ANZ Banking Group (ANZ) (AA-/Aa2) priced a new, self-led, A$2.7 billion (US$2.06 billion) senior benchmark transaction on August 9. According to KangaNews data, ANZ's most recent foray into the Australian domestic market was in July this year, when the bank printed a A$100 million increase to its July 2026 line with pricing of 125 basis points over semi-quarterly swap.
On August 9, Asian Development Bank (ADB) (AAA/Aaa/AAA) priced a A$250 million (US$190.7 million) increase to its January 2021 Kangaroo bond. According to KangaNews data, the line was introduced in January for volume of A$300 million and pricing of 56.75 basis points over Australian Commonwealth government bond.
Westpac Banking Corporation (Westpac)'s decision to issue the first Kauri Basel-III compliant bank tier-two transaction was driven by a desire for further diversification of tier-two product, the issuer tells KangaNews. The fact that the transaction was issued out of the Australian head office provided a point of difference to recent Basel-III compliant tier-two trades in New Zealand as well as an additional layer of comfort – and was a key attraction for investors, lead managers add.
On August 5, Resimac printed A$750 million (US$570.5 million) in a nonconforming residential mortgage-backed securities transaction. The transaction follows a July 8 announcement that Resimac would undertake a series of investor meetings in Australia.
Following its July 19 Reg S dollar transaction, SGSP Australia Assets (SGSPAA)'s says the participation of a broad investor base was especially encouraging and flags its desire to continue to expand its issuer profile among this investor subset. SGSPAA returned to the Reg S market, after a four-year hiatus, with the pricing of US$500 million of 10-year notes from a book of more than seven times final volume.
Activity resumed following the Australian bank holiday at the start of the week with several Kangaroo transactions pricing. These included L-Bank's new A$200 million (US$153 million) February 2021 line and KfW Bankengruppe's A$450 million increase to its February 2021 bond. Meanwhile, Westpac Banking Corporation completed the bookbuild on its first tier-two Kauri.
L-Bank (AAA/Aaa) priced a new, February 2021-maturity Kangaroo bond for volume of A$200 million (US$153.1 million) on August 5. According to KangaNews data, L-Bank currently has three bonds on its Kangaroo curve, maturing in 2018, 2025 and 2026.
Westpac Banking Corporation (Westpac) revealed on August 4 that after completing the bookbuild, it has set the offer size and margin on its offer of subordinated tier-two notes in the New Zealand market. According to Australian Securities Exchange and NZX announcements, the margin on Westpac's NZ$400 million offer has been set at the tight end of the 260-280 basis points over swap indicative range.