CommBank's busy issuance week strengthens capital position
Commonwealth Bank of Australia (CommBank) raised the equivalent of A$4.6 billion (US$4.8 billion) in a brace of oversubscribed deals in two days this week, which the bank says puts it comfortably on the way to meeting this year's funding requirement. CommBank sold US$3.25 billion bonds in the US market through a three-tranche senior unsecured issue on September 11, and priced A$1.5 billion in its domestic tier one hybrid offering the following day.
Queensland budget shaves A$3.2 billion off QTC's 2012/13 task
Queensland Treasury Corporation (QTC) revealed a projected borrowing programme of A$18.7 billion (US$19.6 billion) for the 2012/13 financial year on September 12, the day after the new Queensland government's first state budget. The agency ascribes the resulting A$3.2 billion reduction in borrowing expectation to the state government's "commitment to reduce expenditure and to achieve a fiscal balance in 2014/15".ME Bank planning RMBS market return with all-AUD deal [UPDATED]
Expected ratings were assigned by two agencies to ME Bank's second residential mortgage-backed securities (RMBS) transaction of 2012 on September 10. The forthcoming issue, SMHL Securitisation Fund 2012-2, comprises five rated tranches by Standard and Poor's Rating Services (S&P), and three rated and two unrated tranches by Fitch Ratings (Fitch), all denominated in Australian dollars, with aggregate volume of A$500 million (US$518.6 million).NZDMO confirms inflation-linked bond syndicate
On September 10, the New Zealand Debt Management Office (NZDMO) reconfirmed the three intermediary banks who will act as joint leads on its long-awaited return to the inflation-linked bond market. However, while revealing that the next linker to be issued by the New Zealand sovereign is "likely to have" a maturity date of September 20 2025, the debt management agency also said it will not issue prior to October 1 this year.Deal and ratings review, week ending September 7 2012
The first week of September was somewhat subdued with only one domestic corporate deal priced. Commonwealth Bank of Australia also launched its Perls VI tier one hybrid which will be priced next week. ANZ Banking Group went to the US market, raising US$3 billion through a dual-tranche US$2.25 billion 3-year covered bonds issue and another US$750 million 5-year senior tranche.