Contents
KangaTrends Mar 07
US financial institutions return with jumbo deals. Impact of APRA’s GPS120 on Kangaroo bonds. Citigroup Inc. issues A$1.55 billion. L-Bank returns after two-year absence. Rentenbank ponders Roo strategy. IADB ventures way out the curve. Rabobank deepens CPI-linked market.
Cover Story Mar 07
Nordic issuers: solid as a rock. Nordic borrowers offer Kangaroo investors stability and some of the best credit quality available. Are new issuers poised to join the ranks of existing Nordic issuers in the Kangaroo market? And how can investors differentiate between the names on offer?
Issuer Q&A Mar 07
Municipality Finance: ready for debut? MuniFin set up a Kangaroo programme in 2006 and visited Australian investors last year. Although the issuer did not have the opportunity to bring its debut deal in 2006, hopes are high that this will be the year of an inaugural Kangaroo deal from the Finnish agency.
Execution feature Mar 07
Walking the execution tightrope. The syndicate role has gained increasing substance among Australian arrangers as the bond markets have grown. But in a smaller market such as Australia, the dividing line between syndicate and sales or origination is not always clear-cut. How independent can syndicate be in this environment, and how can the syndicate function improve execution of deals, particularly in the sometimes controversial areas of oversubscription and overhang of bonds?
Investor spotlight Mar 07
BT Funds Management Australia. Lakshman Anantakrishnan talks about the sweet spots in terms of ratings, maturities and structures.
KangaDeals Mar 07
Table of Kangaroo deals issued from Jan 1 2007 to Feb 22 2007. Bookrunner league tables for the Kangaroo bond market.
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