CFS Retail sees double oversubscription in 2016 tap
The most consistent post-crisis true corporate issuer in the Australian market, CFS Retail Property Trust (CFS Retail) (A), priced its third domestic transaction since 2009 on February 1. The firm added A$150 million (US$150 million) to the A$290 million outstanding in its May 2016 line at a margin of 160 basis points over swap, with the deal's leads saying the transaction saw more than double oversubscription.CEB adds A$250 million to December 2015 Kangaroo [UPDATED]
Council of Europe Development Bank (CEB) (AAA/Aaa/AAA) priced A$250 million (US$253 million) in its first Kangaroo transaction of the year on February 2 following the announcement of the mandate for an increase to its December 2015 line a day earlier. The bond to be tapped is CEB's largest in the Australian market, with A$1.55 billion outstanding following the deal.TCorp takes A$1.55 billion in new bookbuilt 2018 [UPDATED]
New South Wales Treasury Corporation (TCorp) (AAA/Aaa/AAA) closed its A$1.55 billion (US$1.55 billion) new February 2018 benchmark bond line on February 1. The transaction – which will be TCorp's first new issue following its mid-year funding programme update – was conducted via bookbuild and was significantly oversubscribed. It priced at 49 basis points over the January 2018 government bond.EIB taps 2020 Kangaroo for second time in a month [UPDATED]
European Investment Bank (EIB) (AAA/Aaa/AAA) has increased its August 2020 Kangaroo line by A$400 million (US$399.9 billion) in what is its second tap of this bond in 2011. The line now has A$2.6 billion outstanding having been increased twice since its introduction in a A$1 billion transaction in July last year.Domestic investor appetite strong as corporate market gears up for 2011
With the Australia Day holiday halting the market mid-week, the only recent issuance activity in Australia was a Kangaroo launch by KfW Bankengruppe (AAA/Aaa/AAA). However, with the first domestic corporate bond of 2011 pricing unusually early in the year last week, many fund managers say they are waiting for the opportunity to snap up more paper from that sector.