Deal and ratings review, week ending October 31 2014

Australian bond activity ramped up during the last full week of October. Issuance of note included a A$1 billion (US$879.9 million) Kangaroo debut from Toronto Dominion Bank, a A$1 billion debut Basel III-compliant tier-two wholesale transaction for Commonwealth Bank of Australia, and a record-breaking, single-tranche, triple-B corporate deal for AGL Energy.

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AGL hits record volume as leads predict busy corporate flow in Q4

Deal sources say domestic investors showed strong support for AGL Energy (AGL)’s inaugural senior-unsecured Australian dollar deal, allowing the borrower to price the largest-ever single-tranche triple-B corporate deal at tight pricing. Lead managers point to a revival of the market following a month of volatility and also flag a strong late-year pipeline for others to follow suit.

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TD Bank nets A$1 billion in Kangaroo debut [UPDATED]

On October 31, Toronto Dominion Bank (TD Bank) priced an Australian dollar denominated, Canadian legislative covered bond transaction backed by Canadian prime residential mortgage loans. The deal is TD Bank’s inaugural Kangaroo transaction.

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CBA prices A$1 billion in its debut Basel III-compliant tier-two wholesale transaction [UPDATED]

On October 31, Commonwealth Bank of Australia (CBA) (AA-/Aa2) priced a new, self-led, 10-year floating-rate Basel III tier-two transaction in the Australian dollar market. The deal follows institutional investor meetings which took place in Sydney and Melbourne on October 28 and 29 respectively.

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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.