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Kommunalbanken Norway (AAA/Aaa) (KBN) will be roadshowing in Australia and New Zealand the week beginning September 22.  Thomas Møller, executive vice president and chief financial officer at KBN in Oslo, confirms that RBC Capital Markets will be hosting the Australian leg of the roadshow, while ANZ is arranging the meetings in New Zealand.

Two of the three Australian banks with offshore-based bond originators have made changes to their teams in the last few months, meaning that by the start of 2009 National Australia Bank (NAB) will be the only Australian bank with a full-time originator based in New York.

ASB Bank (AA/Aa2) (ASB) priced NZ$270 million (US$179.12 million) of six-year bonds on September 9 having increased the deal’s volume from NZ$50 million since its September 1 launch, with market sources saying retail demand continues to drive transactions from New Zealand banks.

Westpac New Zealand (AA/Aa2) (Westpac) launched a new five-year self-led domestic transaction on September 8, with the bank confident of capturing a combined retail and institutional investor base for the fixed rate deal.

Data released by the Australian Office of Financial Management (AOFM) indicates the agency is starting to act on its new investment mandate, investing in both semi-government and Kangaroo securities since the mandate's July 22 announcement.

The convertible preference share offer announced by ANZ Banking Group (ANZ) on August 27 has had its margin set and initial size announed, with the bank doubling its earliest volume projections and pricing at the tightest end of its indicative range, 250 basis points over BBSW.

St.George Bank (A+/Aa2/A+) (St.George) says it does not expect to return to the term funding markets in the near term after selling A$1 billion (US$849.7 million) of RMBS securities under its Crusade securitisation programme in a private placement on September 1.

August  brought mixed messages in the hybrid market, with ANZ Banking Group (ANZ) launching a convertible preference share (CPS) offer while National Australia Bank (NAB) elected to convert the A$600 million (US$514 million) of T1 notes it issued in a private placement to Deutsche Bank in December last year.

New South Wales (NSW) will issue a mini budget by the end of October as the postponement of its plan to sell off electricity assets led Standard & Poor’s (S&P) to revise its outlook on the state to negative. An S&P report, issued after the Australian close on August 28, had a negative impact on the price of bonds of both NSW Treasury Corporation (TCorp) and other Australian states.

Bank of New Zealand (AA/Aa2) (BNZ) says domestic demand for bank paper is holding up in the wake of a self-led NZ$60 million (US$42.29 million) increase to its 2011 line, which priced at 90 basis points over three-month mid-rate swap on August 25.

Bank of New Zealand (AA/Aa2) (BNZ) returned to its domestic market on August 13, pricing a NZ$100 million (US$70.79 million) tap to its 2015 line – the second time the issuer has come to market with a five-year plus transaction this month following the launch of an increase to its 2013 on August 7.

Pricing of the A$525 million (US$453.39 million) 2010 deal brought by Bank of Scotland Australia Branch (AA/Aa1) (BoS) on August 14 is indicative of an environment in which investors are differentiating more between credits in the same ratings band, fund managers say.