ING Australia, Pepper Money prep debt deals; banks mandated

afr.com:

Wednesday shaped up as a big day in the bond market with a range of deals coming to market.

ING Australia was in the market on Wednesday with a $2 billion transaction. AP

Macquarie was sounding investors for a $2 billion mortgage-backed bond deal for ING. The main AAA rating notes pricing at 110 basis points above the bank rate.

Meanwhile, Lloyds is doing a tier two Kangaroo bond, offering about 300 basis points above the bank rate or a yield 7.23 per cent for the ten non-call five transaction. The UK bank is looking to raise over $660 million via ANZ and UBS.

Meanwhile, non-bank lender Pepper Money has mandated the Commonwealth Bank, National Australia Bank, Standard Charter and Westpac to meet with investors ahead of a non-conforming mortgage-backed bond deal.

Non-bank lender Firstmac was also in the market with a $1.76 billion mortgage-backed bond via JP Morgan, ANZ and Westpac with the bulk of the transaction already placed with investors

Finally, Clifford Capital, a Singapore-based financing and distribution platform, launched a debt five-year fixed-rate Australian dollar bond deal paying a yield of around 4.8 per cent. The provider, which mandated ANZ and UBS as joint lead managers, had already attracted orders over $1 billion. The notes have been guaranteed by the Singaporean government.