Australia
Apra jolts Aussie RMBS with a warning on sub tranches
The Australian securitisation market’s rollercoaster ride continued at the end of August when the Australian Prudential Regulatory Authority announced that some of the country’s issuers had been wrongly claiming capital relief against the retained tranches of RMBS.
Trio of Asian transactions add depth to leveraged market
If any more proof was needed that the Asian leveraged finance is truly alive and kicking, it was provided when three LBOs drew encouraging responses from lenders last week.
Supply concerns resurface as Westpac starts Samurai rush
Westpac last Friday increased the size of a Samurai bond at the last minute, raising hopes for the long list of financial institutions that are looking to return to the market.
Primary Health Care puts ASIC's retail bond rules to the test
Primary Health Care, the Australian medical testing provider, lodged a prospectus with the ASX on August 24 for a A$125m (US$111m) five-year retail bond issue opening on September 1. It is the first local issuer to launch a retail offer under new rules introduced by the Australian Securities and Investments Commission in May.
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Lenders left out as Australian property borrowers look to bonds
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Gloucester warms Australia with surprise re-IPO
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Wilmar lines up latest test for Asian loans as pricing plummets
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Australia resurrects in lev fin as banks circle Healthscope
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Valemus dashes hopes for Australian IPO revival
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Macquarie University shines on bond market debut
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Nomura norm
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Finnish flow
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Micro money
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BOS comes back
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September blossoms
New Zealand
BNZ readies New Zealand’s first covered bond
Bank of New Zealand is likely to tap the markets next week with an up to NZ$500m (US$342m) covered bond issue under a NZ$3bn programme. The deal, the first covered bond from New Zealand, is expected to receive a warm welcome from investors given it’s rarity value, BNZ’s name-recognition and the attractive underlying credit pool.
Toyota take-off
Toyota Motor Finance (Netherlands) fixed on September 1 the coupons for its two-part New Zealand dollar and US dollar vanilla Uridashi after setting tranche sizes a day earlier. The deal, launched on August 24, will come out as a NZ$251m (US$178m) 2.5-year Kiwi tranche with a coupon of 3.53%, 2bp below the mid-point of the 3.05%–4.05% guidance, and a US$85m four-year carrying a coupon of 1.39%, 6bp below the mid-point of the 0.95%–1.95% guidance. Both tranches were reduced from the preliminary indications of NZ$330m and US$140m, respectively. Daiwa Capital Markets Europe is the lead and will sell the Kiwi portion in tandem with Tokai Tokyo Securities. The borrower is rated Aa1/AA with a negative outlook.
Total call
Total Capital on August 24 priced its NZ$100m (US$70m) 2014 bond off its EMTN programme. The notes pay an annual coupon of 4.75% at an issue price of 101.025%. The yield accrued at the issue price is 4.465%. The notes, rated Aa1/AA, will be settled on September 8. Parent Total SA has guaranteed the notes.
Motor mouth
Just four trading days after its last Uridashi transction worth US$210m, Toyota Motor Finance (Netherlands) launched a new two-part vanilla retail deal, albeit in different maturities on August 24. The typical high-yielding Uridashi currency, the New Zealand dollar tranche, shows a preliminary size of NZ$330m (US$233.5m) with a 2.5-year tenor and a coupon guidance of 3.05%–4.05%. There is also a US dollar portion, driven by a near 15-year low in the US dollar/yen foreign exchange rate. This tranche has an indicative size of US$140m, a four-year maturity and a guidance set at 0.95%–1.95%.
Other countries
PNG LNG finalised
Syndication for the US$14bn multi-tranche loan for the PNG LNG project in Papua New Guinea as closed. The financing saw 18 banks participating and was split into nine tranches, four of which were syndicated to commercial lenders. SG Asia was the financial adviser, while Commonwealth Bank of Australia acted as facility agent.