EIB third borrower to add FRN to Kangaroo tap
European Investment Bank (EIB) (AAA/Aaa/AAA) completed its second transaction of 2011 on January 21, in the form of a A$350 million (A$345.9 million) increase to its 2014 line. It also added a A$350 million floating rate note (FRN) tranche to the same maturity, following in the footsteps of Rentenbank - which issued a A$425 million FRN on January 19 - and Kommunalbanken Norway - which inaugurated a A$100 million FRN on January 18 before tapping it for the same amount two days later.Early start for corporate year as VW Australia launches new 2015 [UPDATED]
The Australian domestic corporate bond market has seen its first transaction in the month of January since 2003 with Volkswagen Financial Services Australia (VW) (A-/A3) pricing a new four-year bond on January 21. The deal achieved volume of A$150 million (US$147.7 million) including a A$50 million upsize from launch a day earlier.Scotiabank takes A$1 billion in Kangaroo covered bond debut [UPDATED]
A second Canadian bank debuted as an issuer of covered bonds in the Kangaroo market, with Bank of Novia Scotia (Scotiabank) (AA-/Aa1/AA-, with covered bond programme ratings of AAA/Aaa/AAA) completing a A$1 billion (US$994.5 million) three-year transaction on January 20. The bank recently roadshowed in Australia but has previously never issued in the market in covered bond or unsecured format.KfW 2020 tap takes monthly Kangaroo issuance to record level [UPDATED]
The record for Kangaroo issuance in a single month has been broken, with KfW Bankengruppe (KfW)'s (AAA/Aaa/AAA) latest A$700 million (US$697.1 million) tap bringing January 2011's total Kangaroo volume to A$6.45 billion on January 20. The previous record was set in March 2010, when A$6.4 billion of Kangaroos were issued. And this month's volume is set to increase further, with another deal launched by European Investment Bank (AAA/Aaa/AAA) on the same day.