KangaNews Market Update
EIB nets A$600 million in its first Kangaroo of 2012 [UPDATED]
After an absence of more than eight months, European Investment Bank (EIB) (AAA/Aaa/AAA) returned to Kangaroo issuance on February 23 with a tap of its June 2021 bond. According to KangaNews data, the supranational has not had as long a gap without issuing Australian dollar paper since it went nearly a year between Kangaroos in the May 2008 to April 2009 period.
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OCBC Sydney prices second domestic transaction [UPDATED]
Overseas Chinese Banking Corporation Sydney Branch (OCBC Sydney) (AA-/Aa1/A+) priced its second Australian market transaction on February 23. The deal follows a domestic debut from July last year, in which OCBC Sydney priced A$500 million (US$532.3 million) of three-year floating rate notes at a margin of 83 basis points over bank bill swap rate.
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Network Rail eyeing AUD as third issuance currency as nominal task grows
Network Rail (AAA/Aaa/AAA) is roadshowing in Australia in the week ending February 24 with the UK rail infrastructure agency emphasising its strong sovereign links as it aims to revive a Kangaroo programme that has lain dormant since 2006. The firm’s treasury team hopes to be afforded pricing befitting a top-tier non-Eurozone agency borrower should Kangaroo issuance opportunities emerge.
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Retail in focus as ANZ upsizes first public big four sub deal since 2008 [UPDATED]
ANZ Banking Group (ANZ) (AA-/Aa2/AA-) increased the size of its new subordinated transaction on February 20, allocating A$1.5 billion (US$1.6 billion) to the bookbuild or A$1 billion more than the initial minimum target volume. The issuer also set the transaction margin at 275 basis points over bank bill swap rate (BBSW), the tightest end of its 25 basis point indicative range.
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