Deal and ratings review, week ending October 24 2014

Volatility in global markets continued to hamper deal flow in Australasian markets for another week with only a rare domestic covered bond from Suncorp-Metway and taps from Queensland Treasury Corporation and Province of Ontario emerging in the public space. At least two issuers have initiated investor meetings, however.

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ARTC to gauge investor demand for potential AUD transaction

Australia Rail Track Corporation (ARTC) (Aa2) has mandated a series of debt investor meetings offshore in the week of November 3 2014, which will be followed by investor meetings in Australia. A capital-markets transaction “may follow”, according to a statement the meetings’ arrangers.

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CBA plans institutional investor meetings to explore tier-two deal

On October 24, Commonwealth Bank of Australia (CBA) mandated a series of institutional investor meetings to take place in Sydney and Melbourne, on October 28 and 29 respectively, in order to discuss a potential Basel III tier-two transaction in the Australian dollar market.

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QTC adds A$1.3 billion to its 2024 benchmark line [UPDATED]

Queensland Treasury Corporation (QTC) (AA+/Aa1) priced an increase to its existing July 2024 benchmark Australian dollar bond on October 23. According to KangaNews data, the transaction is the second syndicated tap of the line which was introduced in June 2011 at a volume of A$1 billion (US$877.5 million) and pricing of 61 basis points over Australian government bond (ACGB).

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Weekly update

Latest Issue 2014 October

Lastest Issue

USPP appeal for Australasian corporate issuers. Australian corporates at the KangaNews-BNP Paribas roundtable. The eighth KangaNews-BNZ roundtable. Canadian FIs in Australia. The FSI: a damp squib for bonds? Credit wraps on the radar. Investor Q&As: IFM and NZ Super.