GPS 120 impact played out but reversal hopes remain
Concern over the likely impact of GPS120, the Australian Prudential Regulation Authority (APRA) edict which prevents Australian general insurers from classifying Kangaroo bonds as domestic assets for portfolio purposes, appears to have receded.Sub-investment likely for SLM but no forced sale yet
Credit agencies Moody’s Investors Service (Moody’s) and Standard & Poor’s (S&P) have confirmed that bonds issued by Sallie Mae (SLM) are likely to fall below investment grade if its expected takeover by a private equity consortium goes ahead.Landsbanki programme complete but no deal imminent
Iceland's Landsbanki (Aa3/A) has completed a A$2 billion (US$1.67 billion) Kangaroo programme but seems unlikely to issue in the short term.ICO tap brings 2011 total to A$750m
A May 18 A$250 million (US$205 million) tap raised Instituto de Crédito Oficial (ICO)'s (AAA/Aaa/AAA) March 2011 bond to a total issuance of A$750 million.