KangaNews Market Update
Deal and ratings review, week ending May 18 2012
Volatility in Europe did not halt Australian issuance as deal activity sparked to life this week. Three high-grade Kangaroos came to market along with a syndicated semi-government bond, two residential mortgage-backed securities and a New Zealand domestic transaction.
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First quarter deal flow no barrier to new retail bond issuance
Lead managers on the domestic market’s two most recently-launched retail transactions say residual demand and the straightforward structure of the new deals should ensure their success despite the high volume of retail issuance in Q1. The newly-offered transactions include the first senior retail bond offer of 2012 and a subordinated – rather than hybrid – bank issue.
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Offshore bid driving deals for less frequent SSA Kangaroo names
Renewed Eurozone volatility continues to keep a cap on Australian domestic investor participation in Kangaroo transactions, market participants say. But with a solid international bid enabling a steady flow of smaller deals from less-frequent Kangaroo borrowers, intermediaries believe the market remains functional with manageable pricing for some global borrowers.
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Heritage launches senior retail transaction seeking A$125 million
Heritage Bank (Heritage) has added to the healthy deal flow in Australia’s retail fixed income market with the May 17 launch of the first senior retail transaction of the year. The bank is seeking A$125 million (US$124 million) in the five-year transaction, which is its second approach to the domestic retail market having issued A$50 million of subordinated notes in October 2009.
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