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Three more Roos price as triple-A flow continues |
The two remaining Kangaroo deals which launched on January 14 have priced, with both KfW Bankengruppe (AAA/Aaa/AAA) (KfW) and Asian Development Bank (AAA/Aaa/AAA) (ADB) increasing 2012 bonds by A$250 million (US$224.8 million).
Meanwhile, Municipality Finance (AAA/Aaa/AAA) increased its only outstanding Kangaroo, the 2011 line, by A$100 million to a total of A$300 million on January 14. The transaction, lead managed by nabCapital, priced at 76 basis points over the benchmark 5.75 per cent 2011 Australian government bond.
KfW’s tap priced at 68.7 basis points above the benchmark 5.75 per cent 2012 sovereign bond and according to lead manager Deutsche Bank two-thirds of the transaction was placed domestically. The increase brings the total outstanding in the line to A$1.25 billion.
The ADB deal priced slightly inside KfW’s at 65 basis points over the same benchmark bond, which now has a total outstanding amount of A$700 million. The relative prices have been ascribed to the differential between agencies and supranationals within the triple-A sector. According to lead manager Commonwealth Bank of Australia the deal was placed with half a dozen accounts with 80 per cent of the total distributed domestically.
KfW is now back on top of the total Kangaroo issuance table having borrowed A$7.15 billion in the market; the agency remains third in terms of total outstanding with A$5.75 billion across nine lines. ADB’s total issuance now stands at A$3.6 billion with A$2.1 billion of that paper outstanding, in three lines.
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Last Updated ( Tuesday, 15 January 2008 )
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