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Contrary to reports elsewhere, ANZ (AA/Aa1) has no plan to add a seven-year tranche to the Samurai deal it is expecting to price in the next few days. While the last Samurai issued by an Australian bank – Westpac Banking Corporation (Westpac)'s (AA/Aa1/AA-) ¥111.3 billion (US$1.24 billion) deal from January 15 – offered five- and seven-year notes, ANZ is focusing on a single-tenor trade.
A half-yearly funding update released by New South Wales Treasury Corporation (TCorp)'s (AAA/Aaa) on February 1 flags a likely increase in the expected volume of funds raised by inflation-linked issuance for the 2009/10 financial year. And while TCorp does not commit to further government-guaranteed funding the update also restates the positive impact on demand for the state treasury corporation's debt created by the guarantee.
On January 28, Kommunalbanken Norway (KBN) (AAA/Aaa) opened a new February 2013 Kangaroo maturity, pricing A$350 million (US$315.5 million) of floating rate notes (FRN) at 43 basis points over the three month bank bill swap rate. The transaction has pushed total Kangaroo issuance for January into record setting territory at A$6.325 billion – a volume that surpasses the old high-water mark of A$6.3 billion seen in February 2007.
The firms set to benefit from the Australian Office of Financial Management (AOFM)'s serial investments in residential mortgage-backed securities (RMBS) programme include two from the banking sector as well as three non-bank names. The government debt management agency will inject a total of up to A$3.4 billion (US$3.06 billion) into a series of RMBS deals from the five firms.
In a late finish to activity on January 27, Rentenbank (AAA/Aaa/AAA) tapped its January 2013 Kangaroo floating rate note (FRN) by A$350 million (US$313.18 million) long after the close of business. The increase brings the outstanding size of Rentenbank's FRN – which was first brought to market on January 14 this year – to A$650 million and aggregate Kangaroo issuance for the month to A$5.975 billion.
The state development bank of North-Rhine Westphalia (NRW), NRW.BANK (AA-/Aa1/AAA) – which has A$300 million (US$271.65 million) outstanding in its only Kangaroo line – has announced a change in ownership structure which will bind bank and state more closely together. The state has increased its equity share to 98.9 per cent from 64.74 per cent while the shares of the Regional Associations of the Rhineland and Westphalia-Lippe have dropped to 0.7 percent each from 17.63 percent.

Inter-American Development Bank (IADB) (AAA/Aaa/AAA) priced its third Kangaroo deal of the month on January 22, selling A$500 million (US$451.15 million) in a new May 2013 line at 60 basis points over government bonds or 15 basis points over swap. Having already issued A$900 million of Kangaroo paper this year – both of them increases to existing lines – IADB's new deal makes it the biggest Kangaroo issuer of 2010.

Lead managers on the first Australian residential mortgage-backed security (RMBS) issue of 2010 – AMP Bank's A$1 billion (US$902.8 million) Progress Trust 2010-1 (Progress 2010-1) transaction that priced on January 22 – say the market has picked up where it left off late last year in terms of returning confidence. A healthy pipeline of deals is predicted, as well as the return of offshore currency issuance by Australian firms.
Excess demand for the January 19 tender of A$300 million of 2025 Treasury indexed bonds (TIBs) by the Australia Office of Financial Management (AOFM) allowed New South Wales Treasury Corporation (TCorp) to place A$150 million of its own 2025 inflation-linked line on January 21. The AOFM's tender was more than three times oversubscribed while TCorp saw a cover ratio of over two.
The Kauri market reopened on January 21 with Asian Development Bank (ADB) (AAA/Aaa/AAA) issuing NZ$225 million (US$162.18 million) of paper in a January 2014 maturity – its debut deal in the New Zealand market. The bond was priced at 62 basis points over the April 2013 New Zealand government bond, which equates to around 22 basis points over swap.
Queensland Treasury Corporation (QTC) (AA+/Aa1) equalled the size of the largest ever Australian bond deal with the January 21 pricing of A$4 billion (US$3.65 billion) in its new November 2014 benchmark line. The deal matches the size of the Australian Office of Financial Management's return to the inflation-linked market in September last year.
The New Zealand domestic market is up and running with a trio of deals slated to open over the coming weeks. A transaction from Meridian Energy (Meridian) (BBB+) is already underway, while deals from Fonterra Cooperative Group (Fonterra) (A+/AA-) and Auckland City Council (Auckland City) (AA-) are expected to launch toward the end of February or early in March.