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 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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