Contents
KangaTrends 06/07 Dec/Jan
Investors pick the best deals of 2006. Kangaroo volume reached another record level in 2006, and there is no doubt that with new products such as Pfandbriefe, inflation-linked bonds and T1 deals the market is starting to offer more product diversity. Even so, Australian fixed income institutional investors found it difficult to nominate one stand-out deal in 2006, saying the market was dominated by vanilla issuance.
KangaDeals - 06/07 Dec/Jan
Table of Kangaroo deals issued from August 1 to November 30 2006.
Bookrunner league tables for the Kangaroo bond market.
Sponsored Roundtable - 06/07 Dec/Jan
Covered bonds uncovered. UBS Investment Bank, Standard & Poor’s and Mallesons Stephen Jaques sponsored a discussion on this growing sector in the Kangaroo bond market, with eight European covered bond issuers and five Australian investors. The issuers debate whether covered bonds is a homogenous asset class, while investors highlight the importance of liquidity and transparency.
Covered Bonds - 06/07 Dec/Jan
Inside Covered Bonds. Covered bonds comprise only five per cent of total Kangaroo bonds outstanding. So far, two German and two French issuers have issued Pfandbriefe and obligations foncières in the Kangaroo bond market. What is the difference between these two types of covered bonds and the issuers which have brought them?
Co-published Feature - 06/07 Dec/Jan
The changing role of deposits in Australia. Mallesons Stephen Jaques discusses the definition of ‘depositor’ to bring clarity to the debate on whether Australian financial institutions should be allowed to issue covered bonds.
Editorial debate - 06/07 Dec/Jan
Developments in the Kangaroo market: 2006 and beyond. A group of institutional investors in Australia identify larger deal sizes and more debut issuers as positive trends in 2006, but they would welcome more diversity, including deals from Asian issuers. On what could be improved, investors point to speed to market and execution.
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