Sydney Airport to redeem all outstanding 2011 bonds
Following a notice issued to bondholders (via their nominees) on October 8 2010, Sydney Airport Corporation (Sydney Airport) (BBB/Baa2/BBB) will redeem all outstanding November 2011 bonds totalling A$282.2 million, on November 22. These are the bonds that were partially exchanged and extended in June 2010, in conjunction with Sydney Airport's new A$175 million July 2015 bond issue.
BNZ prices EUR1bn covered bond
On November 18 Bank of New Zealand (BNZ) (AA/Aa2) priced its first euro-denominated covered bond, issued off the bank's NZ$3 billion (US$2.3 billion) covered bond programme. The EUR1 billion (US$1.35 billion) seven-year deal priced at euro mid-swaps plus 62 basis points, which equates to 90 basis points over dollar-Libor. With an order book of EUR1.35 billion and 60 accounts participating, the issuer says there was strong demand for this debut.Lloyds TSB launches debut three-year issue
Lloyds TSB Bank Australia Branch (Lloyds TSB) (A+/Aa3) launched its inaugural domestic deal on November 16. The benchmark three-year issue is expected to price on November 17, according to lead managers J.P. Morgan, Macquarie Bank, Royal Bank of Scotland Australia and UBS Investment Bank.ABS momentum persists with two new RMBS deals
Police and Nurses Credit Society (PNCS) and Resimac have both announced forthcoming residential mortgage-backed securities (RMBS) deals, taking the total number of asset-backed securities (ABS) transactions emerging in the past week to five. PNCS's inaugural RMBS has an indicative volume of A$250 million (US$243.95 million), while Resimac's has an expected A$400 million size.APN sets margin on final NZ retail deal expected in 2010
APN Media NZ (APN) (NR) has set a margin of 310 basis points over swap on its forthcoming retail deal. The NZ$150 million (US$116.25 million) March 2016 issue has a minimum interest rate of 7.8 per cent and will be offered to retail investors in New Zealand and Australia.