KangaNews Market Update
SPI (Australia) Assets upsizes and prices A$500m five-year

SPI (Australia) Assets Pty Limited (SPIAA) (A-/A3) has priced a A$500 million five-year domestic bond at 185 basis points over swap. According to the lead managers, the book was in excess of A$600 million and the bonds were sold to over 50 investors. 
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International flow firing again to and from Australasia

International flow is back on the agenda in Australasia, with Australian and New Zealand banks and corporates looking offshore to place deals while Kangaroo issuers continue to come to the market in a steady stream. Market participants say the basis swap is improving for European issuers into Australia, while bank activity is also predicted to return to the domestic market in the near future.

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KfW to issue for the second time in two weeks with a 2015 tap

KfW Bankengruppe (KfW) (AAA/Aaa/AAA) has mandated TD Securities, UBS Investment Bank and Westpac Institutional Bank to lead manage an increase to its May 2015 Kangaroo bond. This transaction follows the issuer’s A$850 million (US$760.2 million) tap to its December 2019 bond that priced on July 15.

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EDC launches inaugural bond following April roadshow

Export Development Canada (EDC) (AAA/Aaa) has launched its inaugural Kangaroo bond – a five-year deal with a minimum target size of A$300 million (US$270.2 million). Commonwealth Bank of Australia, RBC Capital Markets and TD Securities are joint lead managers on the transaction, which is expected to price on or before July 29.

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