Next in the series talking to the individual award winners from the KangaNews Awards 2016, Tom Irving, managing director and head of Asia syndicate at TD Securities, and Brad Scott, director, corporate debt markets origination at National Australia Bank, reveal what it takes to be an award-winning intermediary in an everchanging Australian market.
Late in the Sydney day on 8 November, Asian Development Bank (ADB) (AAA/Aaa/AAA) launched a minimum A$100 million (US$72.5 million) increase to its June 2029 Kangaroo bond. The forthcoming transaction has indicative price guidance of 40 basis points area over semi-quarterly swap, equivalent to 50.75 basis points area over Australian Commonwealth government bond.
The Export-Import Bank of Korea (Kexim)’s A$500 million, five-year floating-rate note deal ratcheted pricing for Korea-based public issuers closer to that of Australian major-bank benchmarks. Deal sources say issuer, tenor and product scarcity were contributing factors, as well as improving investor confidence in Korean credit.
On 22 October, Export-Import Bank of Korea (Kexim) (AA/Aa2/AA-) launched a new, five-year Kangaroo bond transaction to come in either or both fixed- and floating-rate format. The forthcoming deal has indicative price guidance of 98 basis points area over swap benchmarks. Pricing is expected on the day after launch, according to lead managers ANZ, Mizuho Securities and TD Securities.