Frequent borrowers back on NAB radar following reorganisation
The long-awaited reorganisation of National Australia Bank (NAB)'s debt business has brought the bank back into the frequent borrowers space where it has been under-represented for some time, with new roles for several individuals with track records in that market. Corporate and less frequent borrower activity has also been restructured in an attempt to offer synergies between bond, loan and securitisation markets.NIB increase brings weekly Kangaroo issuance to A$2.28bn
On November 13 Nordic Investment Bank (NIB) (AAA/Aaa) increased its 6 per cent August 2014 Kangaroo bond by A$200 million (US$185.7 million), bringing the total in this line to A$500 million. The tap, led by ANZ Banking Group and Deutsche Bank, priced at 27 basis points over mid-swaps or 82.5 basis points over the 6.25 per cent June 2014 Australian commonwealth governnment bond. This compares with pricing of 36 basis points over swap when NIB inaugurated the line on August 12.
Westpac lengthens Aussie bank market with seven-year domestic
Westpac Banking Corporation (Westpac) (AA/Aa1) returned to its domestic market on November 11 with the pricing of A$2.5 billion (US$2.32 billion) of five- and seven-year paper. According to KangaNews data, the 2016 tranche – which is unguaranteed – is the longest-dated senior unsecured, domestic transaction from an Australian big four bank since the same issuer priced A$140 million of 10-year notes in August 2001.KfW prices A$350 million 2017 increase
German agency KfW Bankengruppe (KfW) (AAA/Aaa/AAA) has increased its March 2017 line, pricing a A$350 million (US$327 million) tap via lead manager TD Securities. The tap brings the entire line to A$850 million. The new tranche priced at 104.75 basis points over the February 2017 Australian government bond, which, according to KangaNews calculations, equates to high 30s to 40 over swap.