RFF eyeing Kangaroo market with issuance hopes
Against a backdrop of global volatility, RéseauFerré de France (RFF) (AAA/Aaa/AAA) completed its first Australian roadshow – following the formal establishment of a Kangaroo programme – in the week beginning October 17. RFF, the owner and manager of the French national railway network, visited Sydney, Melbourne and Brisbane, having roadshowed in Hong Kong and Singapore during the previous week.Investors display lukewarm response to new S&P/ASX fixed income indices
Investor reactions to the new series of Australian bond indices launched by Standard & Poor's (S&P) and the Australian Securities Exchange (ASX) in mid-October are cautiously optimistic. Australian fund managers acknowledge the appeal of multi-dealer pricing points and the value of S&P's global experience, but they also stress the difficulty in switching benchmarks.Deal and ratings review, week ending October 21 2011
The first Kangaroo transaction in almost two months priced in the week beginning October 17. Another Australian major bank returned to the domestic senior unsecured market and securitisation flow continued with a new transaction. In New Zealand, the third Kauri deal in three weeks was issued.Bankwest makes RMBS market return with A$500 million deal [UPDATED]
Bankwest completed a new residential mortgage-backed securities (RMBS) transaction on October 21 – the bank's first such deal since November last year. The deal, Swan Trust Prime RMBS Series 2011-1, achieved its launch volume of A$500 million (US$510.8 million).Wholesale funding contributes to Moody's BOQ downgrade review [UPDATED]
Moody's Investors Service (Moody's) placed its A2 rating on Bank of Queensland (BOQ) on review for downgrade on October 20, citing the bank's degree of reliance on wholesale funding – especially in short-term markets – as one of two key reasons for the review. BOQ is already rated BBB+ by both the other two main rating agencies.