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China Construction Bank Sydney Branch (CCB Sydney) (A/A1) launched a A$50 million (US$40.2 million) increase to its November 2020 maturity floating-rate note (FRN) on 2 February. The tap is being marketed at 95 basis points over bank bills via National Australia Bank.
On 2 February, Kommunalbanken Norway (KBN) (AAA/Aaa) launched a minimum NZ$100 million (US$73.9 million) tap of its June 2023 Kauri bond. Indicative price guidance for the forthcoming transaction is 44 basis points area over mid-swap and 77.8 basis points area over New Zealand government bond. Commonwealth Bank and TD Securities are lead managers.
With debt-market issuance for 2018 now well under way, KangaNews looks back at the past year to review the final outcome of its Australian and New Zealand intermediary league tables in 2017. The stars are largely familiar faces but the billing order continues to shift – and the supporting cast features a few newer names.
Late in the Sydney day on 1 February, Rentenbank (AAA/Aaa/AAA) launched a minimum A$50 million (US$40.2 million) increase to its April 2028 Kangaroo bond. The forthcoming transaction is being marketed at 44 basis points area over semi-quarterly swap and 49 basis points over Australian Commonwealth government bond. Pricing is expected on 2 February, via Deutsche Bank.
On 1 February, Local Government Funding Vehicle (LGFV) (Aa2) revealed plans to hold a nondeal roadshow for investors in Sydney on 12 February and Melbourne on 14 February. The meetings will be arranged by Commonwealth Bank of Australia and National Australia Bank.
On 1 February, African Development Bank (AfDB) (AAA/Aaa) launched a minimum A$20 million (US$16.1 million) increase to its August 2028 Kangaroo. Indicative price guidance for the forthcoming transaction is 45 basis points area over semi-quarterly swap and 51.5 basis points area over Australian Commonwealth government bond. Pricing is expected on the day of launch, according to lead manager Daiwa Capital Markets.