AUSTRALIA
DEBT CAPITAL MARKETS
› ANZ GOES SHORT
AUSTRALIAN AND NEW ZEALAND BANKING GROUP
(Aa3/AA–/AA–) continued the recent run
of defensive major bank offshore issuance
with a US$100m two-year bond sale via
dealer BNP Paribas.
The 3.366% December 7 2020s, issued via
ANZ’s EMTN programme, priced at par.
On November 26, National Australia
Bank raised US$2.5bn from a three-part
bond offering, comprising a US$750m
3.70% note under the 3(a)(2) format, a
US$600m 144A/Reg S floating-rate note and
a US$1.15bn 3.45% five-year 144A/Reg S
covered bond.
The following day, Westpac printed
a €2bn (US$2.25bn) two-part Eurobond
made up of a €1bn 0.5% five-year covered
bond priced and a €1bn two-year senior
unsecured floating-rate note.
› BOQ FLOATER NETS A$100M
The Australian credit market has largely
shut down with the impending Christmas
holiday period and a volatile global
backdrop restricting issuance to defensive,
modest-sized trades with short tenors.
The largest domestic senior unsecured
deal of last week raised just A$100m
(US$73m) through a 2.25-year (March 10
2021) floating-rate note offering from BANK
OF QUEENSLAND (A3/BBB+/A–).
NAB was sole lead manager for Monday’s
sale, which priced in line with guidance at
three-month BBSW plus 98bp.› NWB AND BNG RAISE A$135MTwo Triple A rated Dutch agencies raised a
combined A$135m from last week’s 10-year
Kangaroo benchmark taps.
On Tuesday, BNG BANK added A$60m to
its 3.30% July 17 2028 bond to increase the
outstanding size to A$1.12bn.
Mizuho was sole lead manager for the
reopening, which priced at 102.065 for a
yield of 3.05%, 46bp wide of asset swaps
and 52.25bp over the May 2028 ACGB.
Two days later, NEDERLANDSE
WATERSCHAPSBANK increased its 3.45% July 17
2028s by A$75m, lifting the size of the line
to A$1.1bn.
This tap via sole lead RBC Capital Markets
priced at 103.853 to yield 2.985%, 47bp and
51.25bp wide of asset swaps and the May
2028 ACGB.STRUCTURED FINANCE
› LIBERTY PARKS AUTO ABSSpecialty finance group Liberty Financial
issued a A$250m (US$182m) no-grow auto
loan-backed securitisation last Friday via
LIBERTY SERIES 2018-1 AUTO.
The A$175m Class A notes with a 1.7-
year weighted-average-life and 30% credit
support priced in line with guidance at one-
month BBSW plus 110bp.Pricing was not disclosed for the
subordinated Class B to Class F tranches.
NAB was arranger and sole lead manager
for the transaction.
Liberty Financial previously issued a
A$300m auto loans ABS on November 30
last year, Liberty 2017-1 Auto, having sold a
A$200m auto loans ABS in November 2015
through Liberty Series 2015-1 Auto Trust.SYNDICATED LOANS
› ORIGIN ENERGY LAUNCHES A$400M LOANORIGIN ENERGY has launched a A$400m
(US$292m) multi-tranche facility.
MUFG is the mandated lead arranger
and bookrunner of the transaction, whichTop lead managers of Australian dollar-
denominated domestic securitisation,
inc-self-funded transactions ex-CDOs
1/1/18 – 30/11/18
Amount
Name Issues A$(m) %
1 NAB 28 7,219.1 28.4
2 CBA 19 4,258.9 16.7
3 Westpac 20 3,760.5 14.8
4 ANZ 9 2,628.9 10.3
5 Macquarie 11 2,003.9 7.9
6 Deutsche 6 1,686.6 6.6
7 BAML 3 770.0 3.0
8 HSBC 3 560.5 2.2
9 JP Morgan 1 499.5 2.0
10 Citigroup 3 394.2 1.6
Total 40 25,437.5
*Market volume and including Kangaroo bonds
Proportional credit
Source: Refinitiv data SDC Code: AJ5Top lead managers of all Australian debt, inc-
ABS, MBS (ex-self-funded transactions)
1/1/18 – 30/11/18
Amount
Name Issues A$(m) %
1 NAB 101 19,216.5 15.6
2 ANZ 90 16,009.6 13.0
3 CBA 66 15,016.9 12.2
4 Westpac 71 12,527.2 10.1
5 UBS 33 9,342.7 7.6
6 Deutsche 45 8,982.3 7.3
7 TD Sec 72 7,265.9 5.9
8 Citigroup 26 6,293.0 5.1
9 Nomura 46 4,333.5 3.5
10 RBC Capital 49 4,211.7 3.4
Total 329 123,514.8
*Market volume and including Kangaroo bonds
Proportional credit
Source: Refinitiv data SDC Code: AJ3a
Top lead managers of all Australian securitisation,
inc-self-funded transactions ex-CDOs
1/1/18 – 30/11/18
Amount
Name Issues A$(m) %
1 NAB 28 7,531.0 27.9
2 CBA 19 4,285.6 15.9
3 Westpac 20 3,925.3 14.5
4 ANZ 9 2,628.9 9.7
5 Macquarie 11 2,003.9 7.4
6 Deutsche 6 1,745.8 6.5
7 Citigroup 3 1,026.7 3.8
8 BAML 4 829.1 3.1
9 HSBC 3 560.5 2.1
10 JP Morgan 1 499.5 1.9
Total 41 26,994.8
*Market volume and including Kangaroo bonds
Proportional credit
Source: Refinitiv data SDC Code: AJ4Top lead managers of Australian dollar-
denominated domestic bonds, inc-Kangaroo bonds,
ex-self-funded transactions, ABS, MBS
1/1/18 – 30/11/18
Amount
Name Issues A$(m) %
1 ANZ 81 13,380.7 13.6
2 NAB 73 11,997.4 12.2
3 CBA 47 10,758.0 11.0
4 UBS 33 9,342.7 9.5
5 Westpac 51 8,766.8 8.9
6 Deutsche 39 7,295.7 7.4
7 TD Sec 72 7,265.9 7.4
8 Citigroup 23 5,898.8 6.0
9 Nomura 46 4,333.5 4.4
10 RBC Capital 49 4,211.7 4.3
Total 289 98,077.2
*Market volume and including Kangaroo bonds
Proportional credit
Source: Refinitiv data SDC Code: AJ6COUNTRY REPORT
Australia 20 China 22 Hong Kong 28 India 31 Indonesia 32 Japan 33
Laos 34 Malaysia 34 Philippines 34 Singapore 35 Taiwan 37 Thailand 38