Deal and ratings review, week ending October 9 2015

New primary issuance activity in the week under review was headlined by Commonwealth Bank of Australia. Meanwhile the Reserve Bank of Australia's rates decision for October – a hold, at 2.00 per cent – surprised few in the analyst community while intermediaries told KangaNews the pipeline for corporate issuance for the remainder of the year is thin.

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US high yield still an option for Australian issuers

Market participants say US appetite for Australian-origin high-yield and term loan B (TLB) debt product remains in evidence. In fact, they say the drop-off in issuance since 2012 has largely been caused by reduced debt requirement from the resources sector and the concurrent increase in availability of alternative funding sources.

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CBA prices A$2 billion in a new three-year domestic

Commonwealth Bank of Australia (CBA) (AA-/Aa2/AA-) launched and priced a new self-led, three-year, senior-unsecured benchmark transaction on October 8, in what is the bank’s second public deal in the domestic market this year.

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Slim pickings in Australian corporate market as volatility bites

Just two non-financial corporate transactions priced in the Australian market between Apple’s jumbo Kangaroo deal on August 21 and the start of the second week of October – and KangaNews understands the pipeline to be thin. Nearly always bullish on issuance prospects, even intermediaries accept full-year volume is likely to fall short.

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Suncorp-Metway mandates investor meetings ahead of potential domestic deal

On October 8, Suncorp-Metway (A+/A1/A+) announced it is holding a series of debt investor meetings for a new Australian dollar, senior-unsecured benchmark issue in the week ending August 9, via joint lead managers ANZ, Commonwealth Bank, National Australia Bank and Westpac Institutional Bank.

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Latest Issue 2015 September supplement: supranational, sovereign and agency issuers

Lastest Issue

KangaNews is proud to present the 2015 Supranational, Soveiergn and Agency Issuers Supplement, supported once again by TD Securities (TD). The supplement features profiles of key global high-grade borrowers, and insights into the changing face of international funding markets.