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DBNGP Finance (DBNGP) (BBB-/Baa3), the financing entity of the Dampier to Bunbury Natural Gas Pipeline ownership group, has disclosed plans to update debt investors in Sydney and Melbourne in the week beginning April 20. The meetings' arrangers, Commonwealth Bank and National Australia Bank, say only that the company is "exploring funding opportunities across a range of markets".
South Australian Government Financing Authority (SAFA) (AA/Aa1) priced a new April 2025 benchmark select line via syndication on April 14.
Falling iron-ore prices – and a revised rating-agency projection of the future direction of Australia's key commodity export – caused a ratings impact on the state of Western Australia (WA) on April 14. Earlier the same day, eight global mining firms were also placed on negative credit watch by Standard & Poor's Ratings Services (S&P).
Shopping Centres Australasia Property Group (SCA Property) (Baa1) launched and priced its inaugural domestic deal on April 13, in the form of an indicative A$150 million (US$115.0 million), six-year, fixed-rate senior-unsecured issue, upsized to A$175 million. The deal priced inside of Indicative price guidance in the area of 150 basis points over semi-quarterly swap.
Activity picked up towards the end of the holiday shortened week, with three new transactions for a combined total of A$3.2 billion (US$2.5 billion). Meanwhile the Australian Office of Financial Management introduced its largest non-syndicated nominal bond line at A$2.0 billion on Friday.
On April 10, the Australian Office of Financial Management (AOFM) issued a new November 2020 nominal line via what the issuer says is the largest-ever tendered bond transaction in Australia. The introduction of the new benchmark also forms part of a key strategy for the debt-management agency.
On April 9, European Investment Bank (EIB) (AAA/Aaa/AAA) priced a new 10.5-year bond. The deal extends EIB's Kangaroo curve beyond its longest-dated maturity of August 2024.
Rabobank Australia Branch (Rabobank Australia) (A+/Aa2/AA-) launched and priced a new floating-rate senior-unsecured 2.5-year benchmark deal in the Australian market.
ANZ Banking Group (ANZ) (AA-/Aa2/AA-) launched and priced a new senior-unsecured, five-year benchmark transaction in the Australian market on April 9. The self-led floating-rate note (FRN) is ANZ's first senior-unsecured issue in the local market in 2015.
At its third monetary policy meeting of 2015 the Reserve Bank of Australia (RBA) surprised slightly more analysts than had correctly predicted its decision. Despite electing not to cut in April, analysts now point to ongoing caution around monetary policy on the part of the RBA – though some see signs in the bank's statement which they believe may mean a reduced likelihood of more cuts to come.
Deal flow slowed in the week leading up Easter, with only four new deals in Australia. Favourable conditions saw some Australian borrowers go offshore with Telstra and Scentre Group accessing US dollar and sterling markets.