Another A$2.5 billion benchmark as QTC continues to keep options open
Despite the success of its second new unguaranteed benchmark deal of 2010 – in which the issuer priced A$2.5 billion of February 2020 bonds – Queensland Treasury Corporation (QTC) (AA+/Aa1) is still not ruling out future issuance under government guarantee before the scheme's year-end expiry. The new transaction priced at 16 basis points over swap on February 23.EUROFIMA's Kangaroo return nets a capped A$200 million [UPDATED]
In its first deal in the Kangaroo market since May 2008, on February 23 European rolling stock agency EUROFIMA (AAA/Aaa) priced a A$200 million (US$179.76 million) increase to its January 2014 line, which now has A$1.2 billion on issue. The issuer confirms that the deal was capped in size as it is a back-to-back funder.ING Australia caps guaranteed deal at A$2 billion after rapid bookbuild
The government guaranteed March 2015 bond priced by ING Bank Australia (ING Australia) (A+) on February 18 was capped at A$2 billion (US$1.79 billion) with significant oversubscriptions on the back of heavy demand for the soon-to-disappear guaranteed asset class. The deal was for A$1 billion each of fixed and floating rate paper with pricing of 33 basis points over swap and bank bill swap rate respectively.
KfW reopens Kangaroo market as Euro concerns ease
The first Kangaroo transaction for nearly a fortnight priced on February 22 as KfW Bankengruppe (KfW) (AAA/Aaa/AAA) sold a A$250 million (US$225.2 million) increase to its May 2015 line, bringing the bond's total outstanding to A$1.25 billion. The deal priced at 82 basis points over the benchmark April 2015 Australian government bond, which ratesheet data indicates equates to around 40 basis points over swap.