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Subdued deal flow was the most notable characteristic of a week in which Australian corporate reporting season got into full swing. Just a single transaction priced in the Australian domestic market, while Kangaroo and securitisation markets remained shuttered. No new transactions were publicly priced in New Zealand, from either domestic or international issuers.

Australia's Export Finance & Insurance Corporation (EFIC) (AAA) issued US$40 million of callable, capped floating rate notes on August 9. According to Chris Collard, director, treasury at EFIC in Sydney, the deal was executed in response to reverse enquiry and the proceeds were swapped to floating rate USD at a margin below six-month Libor.

GE Capital Australia (GE Capital) (AA+/A1) priced its second domestic transaction of 2012 on August 16, placing a new five-year issue with total volume of A$500 million (US$525.6 million). GE Capital last visited the Australian market in May, when it sold A$410 million in a February 2014 maturity floating-rate note.
On August 14, Goodman Funds Management (GFM), a subsidiary of Goodman Group (Goodman), proposed an increase to the margin on the Goodman PLUS hybrid securities it issued in 2007 – in lieu of their redemption at the first remarketing date next year. If the proposal is accepted by securityholders, the margin on the A$325 million (US$341.8 million) hybrid will be increased to 390 basis points over bank bills from the current 190 basis points.

Australia's latest retail corporate transaction launched on August 13 as Crown (BBB/Baa2/BBB) confirmed its plans to issue around A$400 million (US$421.9 million) of subordinated notes. As with the retail transaction launched the previous week by APA Group, the shareholder and general offer of Crown's notes will be open to participants in both Australia and New Zealand.

Following a flurry of securitisation activity at the back end of the previous week, the Australian new issuance market has quietened with just three new deals coming to market – two of them Kangaroos. New Zealand saw one new transaction complete, although there has also been retail deal activity on both sides of the Tasman as APA Group and TrustPower both moved towards issuance.

ANZ Banking Group (ANZ) (AA-/Aa2/AA-) priced its second transaction in the Dim Sum market on August 9, extending the tenor it achieved on its first issue in December 2010 and significantly upping the volume placed. The new deal was for RMB1 billion (US$157.3 million) of three-year notes with a 2.9 per cent coupon, compared with ANZ's debut offering of RMB200 million of two-year paper.

APA Group (APA) (BBB/Baa2) confirmed the details of its much-speculated on subordinated retail notes transaction in an Australian Securities Exchange (ASX) announcement on August 9, revealing its plans to issue A$350 million (US$371 million) via a trans-Tasman offering. The notes will have a March 2018 first call date with final maturity in 2072.

TrustPower (NR) opened its New Zealand subordinated bond offer on August 9 in the market's third new retail corporate transaction of the year. TrustPower has attached a 6.75 per cent coupon to the seven-year issue and says almost all of the NZ$75 million (US$61 million) general offer – which forms half the prospective deal volume – has already been reserved for clients of market participants under firm allocations.