Deal and ratings review, week ending January 25 2013

Issuance from offshore borrowers continues to drive primary market activity on both sides of the Tasman Sea. Two more issuers made their new year Kangaroo debuts in the past week, while Nordic Investment Bank returned to the New Zealand market to complete the largest-ever high-grade Kauri transaction. In Australia's domestic market the most notable action was the completion of Commonwealth Bank of Australia's government-guaranteed buyback.