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1.
Monday, 27 August 2018

KBN launches new five-year Kangaroo green bond

On 27 August, Kommunalbanken Norway (KBN) (AAA/Aaa) launched a new, indicative A$250 million (US$183.4 million) five-year Kangaroo green bond. Indicative price guidance for the forthcoming deal is 45 basis points area over semi-quarterly swap, equivalent to 54.25 basis points area over Australian Commonwealth government bond. Pricing is expected on the day after launch, according to joint lead managers RBC Capital Markets and TD Securities.

2.
Thursday, 23 August 2018

Diversification drives ING Australia’s covered bond deal

Conducive market conditions for Australia’s financial-institution issuers extended to covered bonds on 17 August, when ING Bank Australia (ING Australia) priced its debut deal in the format. Covered bonds can be viewed as a rainy-day product however deal sources say diversification and robust investor demand were the primary drivers, rather than market sentiment.

4.
Tuesday, 21 August 2018

Volkswagen Australia launches 3.5-year benchmark domestic deal

On 21 August, Volkswagen Financial Services Australia (Volkswagen Australia) (BBB+/A3) launched a benchmark, February 2022-maturity domestic deal. The forthcoming deal has indicative price guidance of 120 basis points area over semi-quarterly swap. Pricing is expected on the day of launch, according to lead managers RBC Capital Markets and Standard Chartered Bank.

5.
Monday, 20 August 2018

Volkswagen Australia mandates 3.5-year senior domestic deal

Volkswagen Financial Services Australia (Volkswagen Australia), the Australian funding arm of Volkswagen Financial Services (BBB+/A3), mandated a potential 3.5-year senior-unsecured domestic deal on 20 August. The forthcoming deal is expected to launch in the near future, led by RBC Capital Markets and Standard Chartered Bank.

7.
Thursday, 16 August 2018

ING Australia launches three- and five-year covered bond deal

ING Bank Australia (ING Australia) (A/A3/A) launched a new, benchmark Australian dollar denominated covered bond transaction on 16 August. The forthcoming deal will be comprised of a three-year floating-rate note tranche, being marketed at 60 basis points area over three-month bank bills, and a five-year fixed rate tranche, being marketed at 80 basis points area over semi-quarterly swap. Pricing is expected on the day after launch.

9.
Monday, 13 August 2018

L-Bank launches February 2021 Kangaroo tap

On 13 August, L-Bank (AAA/Aaa) launched a minimum A$100 million (US$72.7 million) increase to its February 2021 Kangaroo bond. Indicative price guidance for the forthcoming deal is 37 basis points area over semi-quarterly swap and 45 basis points area over Australian Commonwealth government bond. Pricing is expected on the day after launch, according to joint lead managers Commonwealth Bank of Australia, Deutsche Bank, RBC Capital Markets and Nomura.