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AMP Bank (AMP) (A+/A2) mandated a new Australian dollar transaction on December 2, in what will be the issuer's first senior-unsecured domestic deal of 2015. According to KangaNews data, AMP last issued in this format in May 2014, pricing a A$500 million (US$366.2 million), four-year deal with pricing of 87 basis points over bank bill swap rate (BBSW).

AMP has completed its latest listed tier-one transaction, closing the transaction at A$267.5 million (US$195.9 million) on November 30. The issuer had already increased the size of its transaction to A$230 million from A$200 million following the deal's bookbuild which took place in October.

New South Wales Treasury Corporation's buyback put the issue of limited semi-government bond supply in the spotlight while the Australian Prudential Regulation Authority's APS 120 draft offers securitisers significant concessions. Meanwhile deal flow continued at a steady pace.

Australia's federal treasurer, Scott Morrison, says the focus of the government's superannuation system reforms will "shift a little" to the retirement phase in 2016. Morrison says one of the three key goals of Australia's superannuation regime has always been promoting better standards of living in retirement, and implies that it could do better in this respect.

Liberty Financial (Liberty) priced ts first asset-backed securities (ABS) transaction of 2015 on November 27, with expected ratings assigned to the new deal on November 26. Liberty Series 2015-1 Auto Trust (Liberty 2015-1 Auto) has a seven-tranche structure and volume of A$200 million (US$144.6 million).

Macquarie Group (Macquarie) disclosed to the Australian Securities Exchange (ASX) on November 26 that it has closed the bookbuild on its offer of domestic tier-one notes. The announcement also reveals that the transaction has been increased to A$500 million (US$359 million) from A$400 million and the margin has been set at 515 basis points over bank bill swap rate, the tight end of 515-535 basis points indicative guidance.

The repurchase of A$526 million (US$379.8 million) of benchmark bonds by New South Wales Treasury Corporation (TCorp) on November 26-27 puts the issue of limited semi-government bond supply in the spotlight, say analysts and other market participants. TCorp completed the second of two buyback tenders on November 27, retiring A$300 million to add to the A$226 million taken out the preceding day.

On November 26, Sumitomo Mitsui Banking Corporation Sydney Branch (SMBC Sydney) (A/A1/A) priced a new benchmark Australian dollar transaction. The three-year deal is SMBC Sydney's second domestic issue of 2015, following a A$850 million (US$616.9 million) five-year line priced in March.

Fortescue Metals Group (Fortescue) (BB/Ba2/BB+) revealed it has successfully repurchased US$750 million in face value of its 2019 and 2022 maturity senior-unsecured bonds. Fortescue says the repayment offer will save the company approximately US$56 million in annual interest payments in addition to a US$124 million pre-tax gain.

The latest draft version of APS 120, the Australian Prudential Regulation Authority (APRA) rules governing securitisation, offers securitisers more user-friendly oversight than that set out in previous iterations of the standard. Significant moves include a potentially lighter-touch warehouse regime, the removal of a range of restrictions which many believed would block the development of master trusts in Australia, and the end of proposed 'skin in the game' requirements.

Intel Corporation (Intel) (A+/A1/A+) priced its debut Kangaroo deal late in the Australian day on November 24. The deal includes fixed-rate tranches of four- and seven-year maturity but did not print the four-year floating-rate notes which were sounded. It follows a series of calls with Australian investors which began on November 18.