ANZ was sole lead of the reopening, which
priced at 101.031, inside 135bp area guidance
at three-month BBSW plus 133bp.
The initial A$150m sale in January 2017
priced 165bp wide of three-month BBSW.
NPBS’s previous visit to the local bond
market was on January 30 this year when
it raised A$225m from a five-year floater,
priced at 140bp over three-month BBSW.
› L-BANK TAPS 2021 FOR A$100M
Triple A rated LANDESKREDITBANK BADEN-
WUERTTEMBERG (L-Bank), guaranteed by the
German Federal State of Baden-Wuerttemberg,
tapped its 2.25% February 17 2021 Kangaroo
bond for A$100m last Tuesday, bringing the
total outstanding to A$400m.
The reopening priced at 99.502 for a yield
of 2.4575%, equivalent to asset swaps plus
37bp and 44.5bp over the May 2021 ACGB.
CBA , Deutsche Bank , RBC Capital Markets and
Nomura were joint lead managers.
› PACCAR MARKETS LOCAL DEBUT
PACCAR FINANCIAL , rated A+ (S&P), has mandated
ANZ and Westpac to organise investor
meetings in Sydney and Melbourne from
August 27 for a potential debut domestic
four-year Australian dollar bond issue.
PACCAR Financial is an Australian
specialist finance company, financing
trucks and trailers.
STRUCTURED FINANCE
› RESIMAC COMPLETES A$1BN RMBS PRINT
Pricing of the upsized A$1bn-equivalent
dual-currency RESIMAC BASTILLE TRUST SERIES
2018-1 non-comforming RMBS has been
completed with the setting of the US dollar
tranche’s coupon.
The US$393.75m Class A1 notes with
a 1.5-year weighted average life and 30%
credit support pays a return of one-month
US Libor plus 85bp.
Citigroup was arranger of the transaction
and joint lead manager with CBA and NAB.
The Australian tranches priced on August 10.
The A$175m (US$130m) Class A2 notes
with 30% credit support and a 2.4-year WAL
life priced at one-month BBSW plus 140bp.
The A$195m Class ABs, the A$30m Class
Bs, the A$30m Class Cs and A$17.5m Class
Ds, all with 3.7-year WALs, priced 190p,
230bp, 310bp and 410bp wide of one-
month BBSW.
The A$8.5m Class Es and A$7.5m Class
Fs with 3.6-year and 1.5-year WALs priced
610bp and 720bp wide of one-month BBSW.
Pricing for the A$11.5m Class G notes was
not disclosed.
The respective credit support for the ABs to
Fs is 10.5%, 7.5%, 4.5%, 2.75%, 1.9% and 1.15%.› BLUESTONE READIES RMBSSpecialist residential mortgage lender
BLUESTONE GROUP has mandated Macquarie
and CBA to arrange investor meetings from
August 20 for a potential non-conforming
Australian dollar RMBS offering under the
Sapphire programme.
In February, Bluestone Group priced a
A$250m non-conforming RMBS through
Sapphire XVIII 2018-1.SYNDICATED LOANS
› NCIG TAPS NINJA LOAN MARKETAustralian coal terminal operator NEWCASTLE
COAL INFRASTRUCTURE GROUP has launched a
US$200m Ninja loan to take advantage of
long-term liquidity in Japan.
Sumitomo Mitsui Banking Corp is the
mandated lead arranger on the loan, which
has a tenor of over seven years and an
interest margin in the high 100s.
Despite Japanese banks’ strong appetite
for infrastructure assets, some bankers
are concerned about the long-term
sustainability of the coal sector.
In June 2017, the borrower completed a
US$803m five-year refinancing, which was
also priced in the high 100s.
NCIG is owned by a group of coal
producers who use the facilities for their
exports. BHP Billiton and Yancoal Australia
are the biggest investors with stakes of 36%
and 27%, respectively.› BLACKSTONE LAUNCH INVESTA LBO LOANThe A$3bn (US$2.2bn) five-year loan
backing Blackstone Group’s leveraged
buyout of INVESTA OFFICE FUND has been
launched into general syndication.
Citigroup , Deutsche Bank and National
Australia Bank are the mandated lead
arrangers, bookrunners and underwriters of
the financing, which comprises a A$2.3bn
term loan (tranche A), a A$500m revolving
credit (tranche B) and a A$200m capex
facility (tranche C). The interest margins are
200bp over BBSY for tranche A and 100bp
over BBSY for tranches B and C.
MLAs committing A$125m or more
earn a participation fee of 50bp, while lead
arrangers joining with A$75m–$124m receive
a 37.5bp fee. Arrangers taking A$50m–$74m
will earn a 30bp fee. Lenders must commit to
all tranches.
A bank meeting was held in Sydney
last Wednesday and responses are due on
September 7.The private equity firm announced
its A$3.08bn bid for IOF in late May, and
the companies entered into a scheme-
implementation agreement on June 13.
The directors of IOF’s manager – Investa
Listed Funds Management – said they
unanimously recommend the offer, which
equates to a distribution adjusted price of
A$5.15 per unit.
Blackstone’s unsolicited and non-
binding offer comes two years after IOF
shareholders rejected a A$2.5bn bid from
Australian firm Dexus.
IOF is one of Australia’s largest owners
and managers of institutional-grade office
real estate.
In May, Blackstone struck a NZ$635m
(US$439m) deal to buy an office portfolio in
Auckland, New Zealand. The portfolio was
co-held by Goodman Property Trust and
Singaporean investor GIC.
Blackstone is buying a 55% stake in
Thomson Reuters’ Financial & Risk unit,
which includes LPC and IFR.EQUITY CAPITAL MARKETS
› AUSDRILL TAPS ENTITLEMENT OFFERAustralian diversified mining company
AUSDRILL has opened books for an entitlement
offer of about A$250m (US$181m).
The company is selling 170m new shares
at A$1.47 each on a 1-for-2.13 basis. The price
represents a 14% discount to the pre-deal
spot, according to a company statement.
Proceeds will be used to repay part of
the company’s US$300m senior unsecured
notes maturing in 2019.
Ausdrill’s move to lower its gearing
came after it announced a plan to acquire
underground mining contractor Barminco
in a A$271.5m deal.
Ausdrill shares were suspended from
trading last Wednesday.
Books closed Thursday. The retail offer
will run from August 21 to September 5.
Deutsche Bank and UBS are the joint
underwriters of the deal.CHINA
DEBT CAPITAL MARKETS
› BCEG PRINTS THREE-YEARBEIJING CONSTRUCTION ENGINEERING GROUP has
priced US$600m of three-year US dollar
senior unsecured notes at par to yield
5.75%, unchanged from guidance.