Wesfarmers launches first Aussie public MTN since 2005
Wesfarmers (BBB+/Baa1) is seeking a minimum of A$250 million (US$208.55 million) in a new five-year domestic medium-term note (MTN) transaction it launched on September 3. The deal, which has indicative pricing of 275 basis points over swap and is expected to price by September 4, will be the issuer's first public domestic bond transaction since it sold A$250 million of three-year paper in June 2005.TCV caps first bookbuilt benchmark at A$1.5 billion
Treasury Corporation of Victoria (TCV) (AAA/Aaa/AAA) priced its first ever bookbuilt transaction on September 2, capping the size of the new June 2020 line at A$1.5 billion (US$1.25 billion) a day after launch. The deal priced at 80 basis points over the April 2020 Australian government bond – towards the tighter end of the indicative range but a slight premium to TCV's existing curve.
Diversity in ABS sector with two deals pricing
On Friday August 28 two asset-backed security deals (ABS) priced - Macquarie Countrywide Trust (MCW) brought the first Australian commercial mortgage-backed securities (CMBS) transaction since 2007, while Greater Building Society issued the last expected Australian Office of Financial Management (AOFM)-backed deal in the current RFP round.Tumbling Kangaroo pricing continues with EIB's 2014 tap [UPDATED]
Kangaroo market pricing continued to tighten dramatically with the pricing of a A$350 million (US$291.8 million) increase to European Investment Bank (EIB)'s (AAA/Aaa/AAA) 2014 line on September 1. The transaction came to market at 60 basis points over the June 2014 Australian government bond, a level which rate sheet data indicates equates to the high teens basis points over swap.Domestic bank deals tighten further as BOS prices Aus sovereign-guaranteed deal
On August 27 Bank of Scotland Australia Branch (BoS Australia) (A+/Aa3/AA-) priced a A$1 billion 15-month transaction supported by the Australian commonwealth government guarantee, selling A$250 million of fixed and A$750 million of floating notes at 20 basis points over swap and the bank bill swap rate (BBSW).