CommBank triples senior-unsecured duration with 30-year US dollar deal
Commonwealth Bank of Australia (CommBank) took advantage of tight credit spreads and long-dated demand to print its longest-ever benchmark transaction on 6 July. The bank printed US$1.5 billion of 30-year bonds, tripling the duration of its previous longest-dated senior-unsecured deal and adding more than four months to its weighted-average portfolio duration at the same time.
Australian dollar TLAC market continues to evolve with Crédit Agricole deal
The latest total loss-absorbing capacity (TLAC)-compliant deal denominated in Australian dollars to come to market attracted incrementally more domestic demand than its closest comparison transaction, leads say. When – and even whether – this type of issuance will migrate to Kangaroo documentation remains an open question, however.
Columbus and Auswide the latest beneficiaries of Australia’s RMBS revival
The Australian residential mortgage-backed securities (RMBS) market continued its renaissance in the penultimate week of June with two new deals issuing. Auswide Bank printed ABA Trust 2017-1 for A$300 million (US$231.2 million) on 23 June, a day after Columbus Capital (Columbus) netted A$500 million from Triton 2017-1.
Reg S is not just for ‘Asian-linked’ credits, SGSP insists
Australia’s latest issuer into the US dollar Reg S market, SGSP Australia Assets (SGSP), says the Asian parentage that previously opened the door to this regional market is likely no longer a prerequisite. The scale and quality of the Reg S bid means SGSP now includes this issuance option among its three core debt capital markets.
Read more: Reg S is not just for ‘Asian-linked’ credits, SGSP insists
USPP demand shoots the lights out for Brisbane Airport
Brisbane Airport Corporation (Brisbane Airport) has made an emphatic return to the US private placement (USPP) market. The airport reached the financial close of its fifth USPP offering on 15 June having attracted a near eight-times oversubscription to a US$338 million equivalent transaction, at what it says was highly competitive pricing.