IFC back in Australasia with Kauri pricing and more Kangaroo capacity [UPDATED]
Following a near four-month absence from Australian and New Zealand markets, on March 9 International Finance Corporation (IFC) (AAA/Aaa) added the pricing of a new five-year Kauri transaction to the A$1.1 billion (US$1 billion) new 2015 maturity Kangaroo it priced on March 3. The Kauri deal was for NZ$275 million (US$193.44 million) of March 2015 paper, and sold at a margin of 35 basis points to five-year government bonds or around 22 basis points over swap.ME Bank gets A$673 million in first AOFM serial RMBS investment deal
The Australian Office of Financial Management (AOFM)'s programme of serial investment in residential mortgage-backed securities (RMBS) deals commenced on March 5 as the government debt agency supported a A$673 million (US$606.04 million) issue from ME Bank. Under the serial investment scheme, AOFM will buy up to half the top-rated securities in a run of RMBS deals from five approved issuers.IADB taps into long-dated demand for fourth Kangaroo of 2010
Inter American Development Bank (IADB) (AAA/Aaa) completed pricing on a A$375 million (US$338.1 million) increase to its August 2019 Kangaroo issue on March 4. The deal – IADB's fourth Kangaroo transaction of the year – brings the total outstanding in the issuer's 2019 line to A$1.1 billion out of its total A$5.95 billion in the Kangaroo market.Three sectors firing as Australian FI issuance kicks off
A revival of the Kangaroo market for financial institutions (FIs) and 2010's second domestic benchmark for a big four Australian issuer joined the continuing flow of guaranteed deals for smaller issuers as bank bond flow ramped up significantly through the week. On March 5, HSBC Bank (HSBC) (AA/Aa2/AA) priced the second FI Kangaroo in two days – and the third in three years – with its A$1.5 billion (US$1.35 billion) 2015 maturity.
Investors welcome return of FI Kangaroos as J.P. Morgan prints a billion
J.P. Morgan Chase (A+/Aa3/AA-), prised open the funding window for financial institutions (FIs) in the Kangaroo market on 4 March, pricing a five-year A$1 billion (US$901.6 million) benchmark. The transaction, which was launched on 3 March, is the first from a US FI since the same issuer sold A$950 million of fixed and floating rate five-year notes at 20 basis points over swap in June 2007.