Asian Development Bank
The Kauri market has been supporting significantly sized deals in recent weeks, illustrated by Asian Development Bank (ADB)’s most recent foray into the market. Pricing and demand fundamentals are currently coaxing supply from offshore issuers, with domestic buyers the primary drivers of demand.
Asian Development Bank (ADB)’s 15 January deal is a sign the Kauri market has returned with a willingness to price in line with global benchmarks, deal sources say.
Asian Development Bank (ADB) (AAA/Aaa/AAA) launched the first Kauri bond of 2020, on 14 January. The five-year, minimum NZ$200 million (US$132.6 million) transaction is being marketed at 33 basis points area over mid swap, equivalent to 42.5 basis points area over New Zealand government bond. BNZ and TD Securities are joint lead managers for the deal, which is expected to price on the day after launch.
KangaNews is proud to present the winners of the institutional and deal categories in the KangaNews Awards 2019. After an extensive voting and verification process, KangaNews can confidently say its results reflect a true market view on the outstanding performers of 2019 in the Australian and New Zealand debt markets.
Key data and information on 33 supranational, sovereign and agency issuers active in the Australasian debt markets, including programme information, funding strategy and debt data.