World Bank takes 2014 Kauri over NZ$1 billion
World Bank (AAA/Aaa/AAA) has priced an increase to its December 2014 Kauri bond. This transaction is the first Kauri issued since Telstra Corporation's NZ$100 million (US$70.6 million) deal priced on May 6. The World Bank line now has NZ$1.025 billion million outstanding, making it the first Kauri of over NZ$1 billion
IFC inaugurates 10-year Kangaroo in A$500 million deal
International Finance Corporation (IFC) (AAA/Aaa) has sold A$500 million (US$446.45 million) in the inauguration of its longest-dated Kangaroo. As with the 2019 transaction placed by KfW Bankengruppe (AAA/Aaa/AAA) on July 15, IFC has placed a long-term issue in the form of a new 10-year benchmark deal.APA's 10-year a clear sign of market potential, leads claim
Lead managers on the 2020 transaction priced on July 15 by APA Group (APA)'s (BBB/Baa2) wholly-owned subsidiary, APT Pipelines, say the deal is a clear demonstration of the capacity of the Australian corporate market to offer volume and term. The offer was upsized to A$300 million (US$264.12 million) at a margin of 240 basis points over swap.Kangaroos, banks and corporates all active as issuance picks up
The stars appear to be aligning again for sustained issuance in Australia with a domestic bank benchmark, a landmark corporate transaction and a large Kangaroo increase suggesting there could be activity in several market sectors. Market participants are cautiously positive about market prospects, although deal flow has been patchy since April.
Positive response but challenges ahead for new retail rating agency [UPDATED]
Retail market users have responded positively to the launch of a new ratings agency, Australia Ratings, which is the first to secure a licence to offer its credit ratings to retail investors. But the start-up firm faces both short- and long-term challenges in establishing a franchise, even though none of the existing agencies have elected to seek retail licences in Australia.