One of the most popular annual sessions at the KangaNews Debt Capital Markets Summit is the big-four bank treasurers panel. There was no shortage of discussion topics at the 2020 videoconference iteration, even though the majors have had minimal wholesale issuance to do and there is little chance of a 2021 rebound.
On 18 February, Asian Development Bank (ADB) (AAA/Aaa/AAA) launched a new, seven-year Kangaroo bond with indicative price guidance of 21 basis points area over semi-quarterly swap and 21.9 basis points area over Australian Commonwealth government bond. The minimum A$300 million (US$232.5 million) deal is expected to price on the day after launch and is being led by RBC Capital Markets, Nomura and TD Securities.
BNG Bank (AAA/Aaa/AAA) launched a A$20 million (US$15.5 million) minimum increase to its November 2030 Kangaroo line late in the day on 9 February. The forthcoming deal is being marketed at 32 basis points area over semi-quarterly swap, equivalent to 40.9 basis points area over Australian Commonwealth government bond. Pricing is expected on the day of launch, according to lead manager RBC Capital Markets.