Nomura
No obvious circuit breaker for Kangaroo SSA supply
Pricing in the Australian dollar supranational, sovereign and agency (SSA) market remains dislocated, intermediaries say, based on lack of alignment between domestic investor and offshore borrower pricing expectations. A number of factors are at play, not least among them the record support SSA borrowers are receiving in global markets.
Banco Santander taking IOIs for 10NC5 Kangaroo tier-two notes
Domestic bid shows up for Santander’s debut tier-two Kangaroo
Lead managers on Banco Santander’s first-ever tier-two deal in the Kangaroo market highlight “insatiable” demand for the asset class, suggesting interest should be strong enough to support follow-on supply. The domestic real-money bid came through for Santander, facilitating a significant price compression and notable performance on the break.
Banco Santander taking IOIs for benchmark 10NC5 Kangaroo
IDB Invest preparing Kangaroo return with five-year green bond
Solid foundations more important than records in SSA Kangaroo sector
The pace of early-year SSA Kangaroo issuance in 2024 outstripped all previous records. Whether or not the full year produces record supply once more – and intermediaries have their doubts that the tailwinds of 2023 will remain in place – there are reasons to believe the sector has reached a new level of baseline demand and thus deal flow.
