CEB to return to Kangaroo market with new 2014
Council of Europe Development Bank (CEB) (AAA/Aaa/AAA) launched its second Kangaroo deal of the year on September 3, offering a new five-year maturity bond which lead managers Commonwealth Bank of Australia and TD Securities say will price "subject to market conditions". The same issuer inaugurated its 2013 Kangaroo in a A$300 million (US$250.11 million) deal on May 27 this year.Wesfarmers launches first Aussie public MTN since 2005
Wesfarmers (BBB+/Baa1) is seeking a minimum of A$250 million (US$208.55 million) in a new five-year domestic medium-term note (MTN) transaction it launched on September 3. The deal, which has indicative pricing of 275 basis points over swap and is expected to price by September 4, will be the issuer's first public domestic bond transaction since it sold A$250 million of three-year paper in June 2005.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.TCV caps first bookbuilt benchmark at A$1.5 billion
Treasury Corporation of Victoria (TCV) (AAA/Aaa/AAA) priced its first ever bookbuilt transaction on September 2, capping the size of the new June 2020 line at A$1.5 billion (US$1.25 billion) a day after launch. The deal priced at 80 basis points over the April 2020 Australian government bond – towards the tighter end of the indicative range but a slight premium to TCV's existing curve.