Tumbling Kangaroo pricing continues with EIB's 2014 tap [UPDATED]
Kangaroo market pricing continued to tighten dramatically with the pricing of a A$350 million (US$291.8 million) increase to European Investment Bank (EIB)'s (AAA/Aaa/AAA) 2014 line on September 1. The transaction came to market at 60 basis points over the June 2014 Australian government bond, a level which rate sheet data indicates equates to the high teens basis points over swap.Diversity in ABS sector with two deals pricing
On Friday August 28 two asset-backed security deals (ABS) priced - Macquarie Countrywide Trust (MCW) brought the first Australian commercial mortgage-backed securities (CMBS) transaction since 2007, while Greater Building Society issued the last expected Australian Office of Financial Management (AOFM)-backed deal in the current RFP round.ING prices A$1.6bn four-year GG deal
On August 25 ING Bank (Australia) (ING) (AA-) priced A$1.6 billion of fixed and floating rate notes guaranteed by the Australian sovereign, at the expected price of 36 basis points over the bank bill swap rate (BBSW) and swap.
Domestic bank deals tighten further as BOS prices Aus sovereign-guaranteed deal
On August 27 Bank of Scotland Australia Branch (BoS Australia) (A+/Aa3/AA-) priced a A$1 billion 15-month transaction supported by the Australian commonwealth government guarantee, selling A$250 million of fixed and A$750 million of floating notes at 20 basis points over swap and the bank bill swap rate (BBSW).
KfW taps 2013 line as Kangaroos continue to tighten
On Friday August 21 KfW Bankengruppe (AAA/Aaa/AAA) priced a A$300 million (US$252 million) increase to its 5.50 per cent August 2013 Kangaroo bond. The tap, led by TD Securities and UBS, brings the total outstanding in this line to A$700 million and total Kangaroo issuance this year from all issuers to A$9.25 billion.