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On January 23, Oesterreichische Kontrollbank (OKB) (AA+/Aa1) priced a new August 2027 Kangaroo transaction. The deal priced flat to initial guidance of 68 basis points over semi-quarterly swap. According to KangaNews data, OKB was most recently in the Kangaroo market in March last year when it added A$50 million (US$37.8 million) to its August 2025 line.
On January 23, Rentenbank (AAA/Aaa/AAA) priced a A$50 million (US$37.8 million) increase to its March 2027 Kangaroo line. The tap issue priced in line with guidance of 55 basis points over semi-quarterly swap.
Westpac Banking Corporation (Westpac)'s (AA-/Aa2/AA-) new five-year domestic deal priced on January 20, with final pricing in line with initial guidance of 111 basis points over three-month bank bill swap rate (BBSW) and semi-quarterly swap.
The Australian Office of Financial Management printed A$9.3 billion (US$7.04 billion) in the Australian market's largest-ever deal this week. Elsewhere, Kauri market activity picked up with World Bank placing NZ$550 million (US$396.2 million) in its first Kauri deal of the year and Kommunalbanken Norway adding NZ$150 million to its August 2025 New Zealand dollar bond.
KfW Bankengruppe (KfW) (AAA/Aaa/AAA) added A$200 million (US$151.4 million) to its June 2022 maturity Kangaroo bond on January 20. The Nomura-led tap added to the A$350 million already on issue in the line.
Kommunalbanken Norway (KBN) (AAA/Aaa) printed NZ$150 million (US$108.2 million) - upsized from a launch volume of A$50 million - in an increase to its August 2025 Kauri bond on January 20. The tap issue priced flat to intial guidance of 85 basis points over mid-swap. According to KangaNews data, the line was introduced in August 2015 for volume of NZ$125 million and pricing of 45 basis points over mid-swap. It was most recently tapped in September 2015 for A$50 million at 46 basis points over mid-swap.
In the wake of its largest syndication ever and with a marginally increased funding task following the Commonwealth mid-year economic and fiscal outlook (MYEFO), the Australian Office of Financial Management (AOFM) says Australian dollar market capacity is sufficient to meet its issuance requirement. The sovereign debt management agency is, however, adapting elements of its issuance strategy to cope with the volume it needs to issue.
On January 19, L-Bank (AAA/Aaa) added A$100 million (US$75.2 million) to its February 2021 Kangaroo bond. According to KangaNews data, the line was introduced in August last year for volume of A$200 million and pricing of 56 basis points over semi-quarterly swap. The forthcoming tap will be L-Bank's first foray into the Kangaroo market for 2017.
On January 18, World Bank (AAA/Aaa) printed NZ$550 million (US$396.1 million) - upsized from a launch volume of NZ$200 million - in a new, five-year Kauri transaction. According to KangaNews data, World Bank was most recently in the Kauri market in June last year when it printed a NZ$875 million in a tap to its January 2021 line. This transaction priced at 44 basis points over mid-swap.
On January 18, the Australian Office of Financial Management (AOFM) (AAA/Aaa/AAA) printed A$9.3 billion (US$7.01 billion) in a new, December 2021 syndicated benchmark transaction. Initial price guidance on the transaction was 22-25 basis points over the implied bid yield for the primary three-year treasury bond futures contract.