On 15 April, NRW.BANK (AA/Aa1/AAA) launched a new 10-year, Kangaroo, A$80 million (US$61.7 million) minimum, social-bond transaction. Indicative price guidance for the deal is 35 basis points area over semi-quarterly swap, equivalent to 33.75 basis points area over Australian Commonwealth government bond. Pricing is expected on the day after launch, according to lead manager Nomura.
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.