Svenska Handelsbanken prices A$900 million dual-tranche five-year Kangaroo

Post-M&A debt diversification drive brings AT&T to Australia

AT&T’s debut Kangaroo deal, which priced on 14 September, marked the return of US corporate issuance to the Australian market for the first time this year. Deal sources say cash repatriation by major US corporate names has drastically reduced offshore issuance from US credits globally, but insist AT&T’s A$1.3 billion (US$949.2 million) result demonstrates that Australia remains open for business to this type of borrower.

Svenska Handelsbanken launches new five-year Kangaroo

On 19 September, Svenska Handelsbanken (AA-/Aa2/AA) launched a new, five-year senior-unsecured Kangaroo deal, to come in either or both fixed- and floating-rate formats. Indicative price guidance for the forthcoming transaction is 100 basis points area over swap benchmarks. Pricing is expected on or before the day after launch, according to lead managers Citi, TD Securities, UBS and Westpac Institutional Bank.

Japanese demand in focus

Japanese investors have supported the evolution of long-dated supranational, sovereign and agency issuance in Australia in recent years. However, market factors are combining to call the support these investors have traditionally provided into question. TD Securities gives the latest update.

Antipodean markets stay on the radar

In August 2018, KangaNews asked supranational, sovereign and agency (SSA) borrowers to respond to a survey of their global issuance patterns and funding profiles – and 27 of the 32 profiled in this yearbook responded. Despite headwinds, survey responses generally indicate optimism about the Australasian capital markets with views on global demand particularly encouraging.