Strong demand for Investec's sovereign-guaranteed bonds
On February 2 Investec Bank (Australia) Limited (Investec) (Baa1/BBB) priced A$400 million of three-year fixed and floating rate notes (FRNs) guaranteed by the Australian sovereign. This is the first time the issuer has been present in the Australian bond market since it priced three- and five-year vanilla bonds in June 2007.
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More corporates in NZ but guarantee fee slashed as takeup lags
The retail deal pipeline remains strong in New Zealand at the start of 2009 with market participants anticipating strong demand for the transaction Fonterra (A+/AA-)
announced at the end of last year and a number of additional deals in the offing, including a possible return to the hybrid market by Bank of New Zealand (AA/Aa2) (BNZ).
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