Late in the day on 14 April, KfW Bankengruppe (AAA/Aaa) launched an indicative A$150 million (US$115.9 million) tap of its February 2025 Kangaroo bond. The forthcoming deal is being marketed at 15 basis points area over semi-quarterly swap, equal to 21.5 basis points area over Australian Commonwealth government bond. Pricing is expected on 15 April and Nomura is leading.
Developing a product that would work in the Australian dollar market was a stated goal of NRW.BANK when it put together its social-bond programme. In the wake of the issuer’s Kangaroo social-bond debut, its Düsseldorf-based head of investor relations, Frank Richter, discusses delivery of a new programme under pandemic conditions, Australian domestic investor engagement and Kangaroo pricing.