In 2017, KangaNews and Mizuho Securities hosted their first-ever roundtable discussion in Tokyo for Japanese investors in Australian dollar debt. A year later, a larger group of buy-side participants explain that, while the headwinds facing international participants in the Australian market are real, they are if anything engaged with a wider range of product than ever before.
Verizon Communications (Verizon) returned to the Australian market for its second Kangaroo deal on 30 October. The transaction was smaller in size than the issuer’s Australian debut but still pushes the boundaries on Australian dollar tenor through the inclusion of a 20-year tranche with benchmark volume which compares with deeper global markets.
On 29 October, Verizon Communications (Verizon) (BBB+/Baa1/A-) launched a new multi-tranche Kangaroo transaction. The forthcoming deal consists of 6.5-year, 10.5-year and 20-year tranches, and is expected to price on the day after launch. Indicative price guidance for the tranches is, respectively, 115, 145 and 205 basis points area over semi-quarterly swap.