Quebec outlook up but borrowing to continueStandard & Poor's (S&P) has improved its outlook on the Canadian province of Québec (A+/A1/AA-) from neutral to positive on the back of a commitment to reduce its overall debt.
Kaupthing to roadshow again with RBCCM and ANZKaupthing Bank (Aa3/A), Iceland’s largest financial institution, will return to Australia with a roadshow, arranged by ANZ Banking Group (ANZ) and RBC Capital Markets (RBCCM), commencing on July 16.
Sub-investment likely for SLM but no forced sale yetCredit 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.
GPS 120 impact played out but reversal hopes remainConcern 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.
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.