Large deals still a feature of AUD market
Large deal sizes continue to be a feature of the Australian market in 2008 in the wake of Royal Bank Scotland Australia's combined A$1.125 billion (US$1.07 billion) multi-tranche issue from May 29. The double-maturity transaction is the 10th time an Australian issuer has brought over a billion dollars in one go so far this year.
Domestic activity but RBCCM still tops league table
Increased domestic issuance was not enough to dislodge RBC Capital Markets (RBCCM) from top spot in KangaNews's combined Kangaroo and Australian domestic intermediary league table, although Commonwealth Bank of Australia (CommBank)'s presence on the top line of Royal Bank of Scotland Australia Branch's local debut solidified its position in third place.
MuniFin quietly debuts in Kauri bond market
Municipality Finance (MuniFin) (AAA/Aaa) has priced its inaugural Kauri deal – a 7.73 per cent NZ$100 million (US$78 million) June 2011 bond led by Bank of New Zealand. The transaction priced at 10 basis points through mid-swap, or 104 basis points over the NZGB.St.George taps 2010 FRN
St.George Bank (A+/Aa2/A+) priced a A$50 million (US$47.7 million) increase to the floating rate tranche of the July 2010 bond it originally brought to market in July 2005. The latest private placement, which lead manager UBS Investment Bank says was sold domestically, priced at 72 basis points over BBSW.RBS prices A$1.125 billion debut domestic AUD deal [UPDATED]
Royal Bank of Scotland Australia Branch (AA/Aaa/AA) (RBS Australia), priced its first domestic deals, a two-year A$700 million (US$672.56 million) FRN and a three-year A$425 million two-tranche bond, on May 29.