Pricing differentials clear as Kangaroos get big volume
The Australian issuance story this week was once more dominated by high-grade names, with a brace of high-volume Kangaroo deals continuing a growing trend. While European borrowers are far from ecstatic about pricing discrepancies between issuers, intermediaries believe that the Australian market nevertheless remains favourable and primed for future issuance.
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Second Kangaroo in two days as EIB prices A$1 billion
European Investment Bank (EIB) (AAA/Aaa/AAA) has priced A$1 billion (US$892.9 million) in a a new 10-year Kangaroo line. It is the third Kangaroo transaction to come to the market in a week, following almost a month without issuance. The August 2020 issue, which priced on July 22, was lead-managed by Deutsche Bank, RBC Capital Markets and TD Securities.
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