The first Kangaroo transaction for nearly a fortnight priced on February 22 as KfW Bankengruppe (KfW) (AAA/Aaa/AAA) sold a A$250 million (US$225.2 million) increase to its May 2015 line, bringing the bond’s total outstanding to A$1.25 billion. The deal priced at 82 basis points over the benchmark April 2015 Australian government bond, which ratesheet data indicates equates to around 40 basis points over swap.
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Queensland Treasury Corporation (QTC) (AA+/Aa1) has announced the launch of its second new unguaranteed domestic benchmark line within a day, saying on February 22 that it anticipates pricing of the February 2020 maturity on February 23. The issuer’s most recent new line introduction came on January 21 when it placed A$4 billion (US$3.6 billion) of November 2014 paper in another unguaranteed deal.
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Last Updated on Tuesday, 23 February 2010 15:20 |
In what will be its first deal in the Kangaroo market since May 2008, on February 22 European rolling stock agency EUROFIMA (AAA/Aaa) launched an increase to its A$1 billion (US$899.7 million) January 2014 line. The transaction will also mark a return to the Kangaroo market for National Australia Bank as a lead manager, with the firm taking top line position – alongside RBC Capital Markets – for the first time in over two years.
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Last Updated on Tuesday, 23 February 2010 14:25 |
The government guaranteed March 2015 bond priced by ING Bank Australia (ING Australia) (A+) on February 18 was capped at A$2 billion (US$1.79 billion) with significant oversubscriptions on the back of heavy demand for the soon-to-disappear guaranteed asset class. The deal was for A$1 billion each of fixed and floating rate paper with pricing of 33 basis points over swap and bank bill swap rate respectively.
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Last Updated on Thursday, 18 February 2010 15:54 |
The Australian Securities Exchange (ASX) is active in moves to develop Australia’s listed bond market for both sovereign and corporate issuers according to the exchange’s managing director and chief executive, Robert Elstone. It is also hopeful that the federal government will eventually decide to facilitate retail access to sovereign debt and that this will, in turn, help pave the way for corporate issuance.
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