Latest News
On 11 January, NRW.BANK (AA-/Aa1/AAA) launched a minimum A$25 million (US$19.6 million) increase to its May 2028 Kangaroo bond, via TD Securities. The forthcoming transaction is being marketed at 70 basis points area over semi-quarterly swap and 75.5 basis points area over Australian Commonwealth government bond. Pricing is expected on the day of launch.
On 11 January, Inter-American Development Bank (IADB) (AAA/Aaa) launched a new, minimum NZ$200 million (US$144.1 million) five-year Kauri bond. Indicative price guidance for the forthcoming transaction is 34 basis points area over mid-swap. Pricing is expected on the day after launch, according to joint lead managers ANZ, Commonwealth Bank and TD Securities.
Commonwealth Bank of Australia (CommBank) elected to open its term-funding account for calendar 2018 with a long-dated and subordinated transaction because it spotted an “incredibly strong” market opportunity, issuer sources tell KangaNews.
On 10 January, Australian Office of Financial Management (AOFM) disclosed details for its 10th residential mortgage-backed securities (RMBS) auction, to be held on 30 January. The auction will be for five lines of RMBS notes with original face value of A$1.3 billion (US$1 billion). A Westpac Institutional Bank research note suggests the amortised face value of the notes offered for sale is approximately A$360 million.
Municipality Finance (MuniFin) (AA+/Aa1) launched a minimum A$20 million (US$15.6 million) increase to its July 2027 Kangaroo bond on 10 January, via Daiwa Capital Markets. Indicative price guidance for the forthcoming transaction is 58 basis points area over semi-quarterly swap. Pricing is expected on the day of launch.
On 10 January, Export Development Canada (EDC) (AAA/Aaa) launched a minimum A$250 million (US$195.4 million) increase to its October 2022 Kangaroo bond. The transaction is being marketed at 32 basis points area over semi-quarterly swap and 40.7 basis points area over Australian Commonwealth government bond. Pricing is expected on the day after launch, according to lead managers Commonwealth Bank of Australia, Deutsche Bank and RBC Capital Markets.
Oesterreichische Kontrollbank (OKB) (AA+/Aa1) mandated a A$25 million (US$19.6 million) increase to its 2027 Kangaroo bond late in the Australian day on 9 January. The TD Securities-led tap is being marketed at 67.75 basis points over Australian Commonwealth government bond or 60 basis points over swap and is expected to price on 10 January.
