International Financing Review Asia April 4 2020 23COUNTRY REPORT
Australia 23 China 28 Hong Kong 33 India 35 Indonesia 37 Japan 38 Myanmar 39 Malaysia 40
New Zealand 39 Philippines 42 Singapore 42 South Korea 44 Taiwan 45 Thailand 45 Vietnam 46AUSTRALIA
DEBT CAPITAL MARKETS
› TRANSURBAN MAKES EURO RETURNToll-road operator TRANSURBAN (Baa1/
BBB+/A–) returned to the euro market last
Wednesday with a €600m (US$663m) sale
of 3.0% 10-year senior secured Eurobonds.
Orders reached around €1.2bn and
finished at €1.05bn as joint bookrunners
BNP Paribas, Bank of America, Citigroup and
MUFG were only able to move a relatively
modest 15bp from initial 325bp area
guidance and price 310bp wide of mid-
swaps.
The pricing outcome was significantly
higher than for Transurban’s previous euro
sale in May 2019, another €600m 10-year
senior secured Eurobond offering that pays
a 1.45% coupon and came 100bp over mid-
swaps.
An earlier €500m 1.75% 10.5-year
Eurobond, issued by the developer and
operator of toll roads under long-term
concessions in Australia and North America
in September 2017, priced at mid-swaps
plus 95bp.› ANZ TOPS Q1 TABLEAustralia and New Zealand Banking
Group held top spot in the Q1 2020 league
table for Australian dollar bond issuance,excluding self-led deals, according to
Refinitiv data.
ANZ secured a 15.5% share of the
A$17.6bn (US$10.7bn) market having been
on 15 trades, ahead of National Australia
Bank whose 13 deal tickets gave it a 13.4%
share of a market which declined almost
30% from A$24.9bn a year earlier.
UBS is the highest placed international
bank with a 11.7% share from five
transaction to stand third overall, closely
followed by Commonwealth Bank of
Australia on eight deals and an 11.1% bond
market share.
Deutsche Bank lies fifth with five trades
for a 8.3% share, while Westpac’s eight
trades and 7.9% market share completes the
list of Aussie majors.
JP Morgan, TD Securities, Bank of
America and Nomura round off Australia’s
Q1 top 10 bond arrangers.
Westpac headed the securitisation list
thanks to the self-led A$2.75bn WST 2020-1
RMBS. Its six trades gave it a 49.5% share of
a A$6.9bn market in Q1 2020.
Perennial leader NAB also participated in
six deals for a 14.3% share, while no other
bank was on more than two trades in this
year’s shrunken ABS market.
Traditional frontrunner Citigroup headed
the offshore league table having been
on nine foreign currency trades totalling
US$2.9bn for a 13.8% market share.
HSBC also took nine Australian issuers
overseas for a 10.2% share of the US$20.7bn
market, which, in stark contrast to the
recently shuttered local market, has grown
20% from US$17.3bn between January and
March 2019.Next came RBC Capital Markets, Bank of
America and Westpac with 8.5%, 7.7% and
6.3% of the quarter’s foreign bond business,
respectively.
ANZ, TD Securities, Goldman Sachs,
Deutsche Bank and JP Morgan held the 6th
to 10th places.› TD BANK AND CIBC TAKE COVERTORONTO-DOMINION BANK raised A$1.25bn from
a three-year floating-rate covered Kangaroo
offering last Friday via joint leads ANZ, CBA,
NAB, TD Securities and Westpac.
Local bank balance sheets dominated
orders for the note which priced in line with
guidance at three-month BBSW plus 125bp.
This matched the 125bp margin paid a day
earlier by CANADIAN IMPERIAL BANK OF COMMERCE,Top lead managers of all Australian debt, inc-
ABS, MBS (ex-self-funded transactions)
1/1/20 – 31/3/20
Amount
Name Issues A$(m) %
1 Westpac 14 4,790.3 19.6
2 NAB 19 3,331.3 13.6
3 ANZ 17 3,045.9 12.5
4 CBA 10 2,612.6 10.7
5 UBS 5 2,062.0 8.4
6 Deutsche 5 1,466.7 6.0
7 JP Morgan 6 1,205.4 4.9
8 Bofa Sec 4 1,009.1 4.1
9 TD Sec 12 897.9 3.7
10 Macquarie 3 701.7 2.9
Total 57 24,461.8
*Market volume and including Kangaroo bonds
Proportional credit
Source: Refinitiv data SDC Code: AJ3aTop lead managers of Australian dollar-
denominated domestic securitisation,
inc-self-funded transactions ex-CDOs
1/1/20 – 31/3/20
Amount
Name Issues A$(m) %
1 Westpac 6 3,398.5 49.5
2 NAB 6 981.0 14.3
3 CBA 2 668.2 9.7
4 Macquarie 1 401.7 5.9
5 Standard Chartered 1 328.0 4.8
6 ANZ 2 325.5 4.7
7 JP Morgan 1 247.8 3.6
8 Bofa Sec 2 212.3 3.1
9* RBC Capital 1 99.8 1.5
9* MUFG 1 99.8 1.5
9* Societe Generale 1 99.8 1.5
Total 9 6,862.3
*Market volume and including Kangaroo bonds
Proportional credit
Source: Refinitiv data SDC Code: AJ5Top lead managers of Australian dollar-
denominated domestic bonds, inc-Kangaroo bonds,
ex-self-funded transactions, ABS, MBS
1/1/20 – 31/3/20
Amount
Name Issues A$(m) %
1 ANZ 15 2,720.4 15.5
2 NAB 13 2,350.3 13.4
3 UBS 5 2,062.0 11.7
4 CBA 8 1,944.5 11.1
5 Deutsche 5 1,466.7 8.3
6 Westpac 8 1,391.8 7.9
7 JP Morgan 5 957.7 5.4
8 TD Sec 12 897.9 5.1
9 Bofa Sec 2 796.8 4.5
10 Nomura 6 627.9 3.6
Total 48 17,599.6
*Market volume and including Kangaroo bonds
Proportional credit
Source: Refinitiv data SDC Code: AJ6Top lead managers of all Australian securitisation,
inc-self-funded transactions ex-CDOs
1/1/20 – 31/3/20
Amount
Name Issues A$(m) %
1 Westpac 6 3,398.5 49.5
2 NAB 6 981.0 14.3
3 CBA 2 668.2 9.7
4 Macquarie 1 401.7 5.9
5 Standard Chartered 1 328.0 4.8
6 ANZ 2 325.5 4.7
7 JP Morgan 1 247.8 3.6
8 Bofa Sec 2 212.3 3.1
9* RBC Capital 1 99.8 1.5
9* MUFG 1 99.8 1.5
9* Societe Generale 1 99.8 1.5
Total 9 6,862.3
*Market volume and including Kangaroo bonds
Proportional credit
Source: Refinitiv data SDC Code: AJ4B&RXQWU\LQGG