Nomura
World Bank sees Australian dollar market through first test as volatility rears
Lead managers say World Bank’s A$500 million (US$393.3 million) August 2028 Kangaroo print on 6 February was largely unaffected by the challenging backdrop which emerged after launch. However, while World Bank’s price and volume held up, renewed volatility is likely to keep other borrowers on pause – aided in part by the active start to the issuance year.
No obvious circuit breaker for Kangaroo SSA supply
Pricing in the Australian dollar supranational, sovereign and agency (SSA) market remains dislocated, intermediaries say, based on lack of alignment between domestic investor and offshore borrower pricing expectations. A number of factors are at play, not least among them the record support SSA borrowers are receiving in global markets.
EUROFIMA prints new December 2030 Kangaroo line
KfW increases June 2022 Kangaroo by A$100 million
KfW launches June 2022 Kangaroo increase
On 18 June, KfW Bankengruppe (AAA/Aaa) launched a minimum A$100 million (US$68.5 million) increase to its June 2022 Kangaroo bond. Indicative price guidance for the forthcoming deal is 31 basis points area over semi-quarterly swap, equivalent to 20.85 basis points area over Australian Commonwealth government bond. Nomura is sole lead manager.
BNG Bank adds A$20 million to November 2030 Kangaroo
