HSBC Sydney's new 2013 domestic raises A$500 million [UPDATED]
On August 17, HSBC Sydney Branch (HSBC Sydney) (AA/Aa2/AA) priced A$500 million (US$448.8 million) in a three-year fixed rate transaction – its first issue in two years. The bonds priced at their indicative margin of 95 basis points over semi-quarterly swap, having launched the day before.BOQ launches first Australian benchmark RMBS since early July
On August 16, Bank of Queensland (BOQ) launched its second residential mortgage-backed securities (RMBS) transaction of 2010, in what is also likely to become the first large RMBS deal in Australia since early July. BOQ's Series 2010-2 REDS deal has an indicative volume of A$750 million (US$669.7 million) and is expected to price by August 19.
Melbourne Airport adds 2014 tranche to upsized deal [UPDATED]
Australia Pacific Airports Melbourne (Melbourne Airport) (A-/A3) says a positive reaction to its recent roadshow and a desire to refinance well ahead of maturities led to the August 13 pricing of A$350 million (US$315.2 million) of four- and six-year paper. The issuer also says its position as the highest-rated Australian airport made it an appealing credit for investors.Domestic deals highlight offshore banks as corporate flow returns
Two recent benchmark-sized transactions from Australian branches of international banks have revived speculation about a return of offshore banks as issuers in Kangaroo format. However, while there are hopes of broader Kangaroo issuance before the end of the year market participants say there are still enough headwinds to make the return of financial institutions (FI) unlikely as an imminent prospect.