CBA upsizes new tier-one offer [UPDATED]

Commonwealth Bank of Australia (CBA) disclosed an upsized volume on its latest tier-one hybrid offer on October 2. In a statement lodged with the Australian Securities Exchange, the issuer confirms that the offer has been upsized to A$3 billion (US$2.6 billion) from A$2.6 billion. The transaction was launched at a A$2 billion size.

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Wesfarmers goes the euro route but domestic option came close

In the wake of its third euro transaction, Wesfarmers tells KangaNews that the decision to issue offshore was made on the basis of execution certainty despite a softer European backdrop. Even so, the borrower says the decision to issue euros was a close call over returning to the Australian dollar market.

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KfW adds A$150 million to its 2025 Kangaroo line [UPDATED]

On October 1, KfW Bankengruppe (KfW) (AAA/Aaa/AAA) mandated and priced the second increase to its existing A$600 million (US$524.7 million) February 2025 Kangaroo. According to KangaNews data, the line was introduced in August this year at a volume of A$450 million and pricing of 57.5 basis points over Australian government bond (ACGB). The line was first increased by A$150 million in later in September with pricing of 54.5 basis points over ACGB.

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Pepper readies its second nonconforming RMBS deal of 2014

Provisional ratings have been assigned to Pepper Australia (Pepper)’s forthcoming Australian dollar nonconforming residential mortgage-backed securities (RMBS) issue. According to a report released by Standard & Poor’s Ratings Services (S&P) on October 1, the forthcoming transaction, Pepper Residential Securities Trust No.13 RMBS, has an indicative volume of A$400 million (US$346.9 million) across eight tranches.

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NZ Post sets margin and minimum interest rate on its subordinated notes [UPDATED]

New Zealand Post (NZ Post) (A+ by S&P) announced on September 30 that it is set to commence the remarketing process for its subordinated notes issued in March 2009. According to an issuer statement, NZ Post is proposing a new margin of 200 basis points over swap and a minimum interest rate of 6.35 per cent that will apply to the notes for five years from the new reset date.

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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.