SNS Bank retires majority of only outstanding Kangaroo [UPDATED]
SNS Bank (A-/A3/A-) has bought back the majority of paper in its single outstanding maturity in Australian dollars. The buyback reduces the original volume of A$200 million (US$199.4 million) on issue in each of the line's fixed and floating rate tranches, both of which are subordinated, by A$174.75 million and A$171.6 million respectively.
New year opens with a bang with Kangaroo and domestic deal flow
Although intermediaries believe the first months of 2011 are unlikely to surpass record Kangaroo issuance levels seen at the start of 2010, there is a degree of confidence that encouraging early deal flow in the Kangaroo market will be maintained. Several sources point to a number of roadshows being undertaken by names across asset classes – including the supranational, sovereign and agency (SSA), financial institution (FI) and covered bond sectors – as a reason for optimism.
CommBank gets A$2.5 billion in largest ever non-guaranteed domestic ADI deal [UPDATED]
On January 13, Commonwealth Bank of Australia (CommBank) (AA/Aa1/AA) launched and priced a new A$2.5 billion (US$2.49 billion) July 2015 fixed and floating rate bond. It is the first deal issued by a big four financial institution (FI) in 2011, and the largest ever non-guaranteed domestic transaction from a bank issuer. The self-led deal is CommBank's first domestic bond since September last year, and its first with a tenor beyond four years since July 2009.