BNP Paribas Australia nets A$1 billion in new 2016 benchmark [UPDATED]
BNP Paribas Australia Branch (BNP Paribas Australia) (AA/Aa2/AA-) priced its second domestic deal of the year on May 16, issuing A$1 billion (US$1.06 billion) in a new May 2016 line. The issuer has been a consistent presence in the Australian market since its 2009 debut, placing A$1 billion that year followed by A$2.45 billion last year and A$800 million so far in 2011.FI activity continues with Morgan Stanley issuing A$500 million Kangaroo [UPDATED]
The second financial institution (FI) Kangaroo to launch in a week was announced on May 16, with Morgan Stanley (A/A2) placing a new A$500 million (US$530 million) four-year transaction one day later. The deal, which is Morgan Stanley's first Kangaroo since February 2007, follows the pricing of A$1.25 billion of November 2016 paper by Goldman Sachs on May 9.Regional banks yet to be convinced on competition report
The recommendations of the report on competition within the banking sector recently released by the Australian Senate's Economics Reference Committee have been broadly welcomed by the firms they are designed to assist – smaller and regional lending institutions. But while institutions believe the recommendations would improve the competitive environment through easier funding, they say they are waiting to see if the recommendations are adopted before acclaiming a successful outcome.