Latest News

Refine news

Kommunalbanken Norway (KBN) (AAA/Aaa) priced a new, seven-year Kauri bond on May 25. According to KangaNews data, KBN was most recently in the Kauri market in April issuing a NZ$100 million (US$67.1 million) tap to its May 2021 line. That transaction had pricing of 64 basis points over swap.

Australia's latest corporate issuer says it plumped for a euro deal because its requirements could only be met offshore. With an ongoing funding need front of mind, Aurizon Network (Aurizon) says it is also working hard to expand its investor base and to increase the liquidity in its outstanding paper.

World Bank (AAA/Aaa) priced a A$800 million (US$575.6 million) tap to its January 2021 Kangaroo bond on May 24. According to KangaNews data, the line was introduced in January this year for volume of A$550 million and initial pricing of 59 basis points over the May 2021 Australian Commonwealth government security (ACGS). The line was then subsequently tapped in April, for A$550 million at 56.75 basis points over ACGS.

In the wake of Firstmac's first prime residential mortgage-backed securities (RMBS) transaction of 2016, the issuer confirms to KangaNews that securitisation demand dynamics have changed – but points to emerging demand from a specific offshore region as a key highlight.

On May 23, Ford Motor Credit Company (FMCC) (BBB-/Baa3/BBB-) revealed plans to conduct a fixed-income investor call on May 24. According to the call's arrangers ANZ, Citi and Deutsche Bank, an Australian dollar denominated transaction may follow.

Firstmac priced its first residential mortgage-backed securities (RMBS) transaction of 2016 on May 20. Firstmac 2-2016 was upsized from its indicative aggregate volume of A$350 million (US$255.6 million).

Deal activity continued at a steady pace during the third week of May with pricing action on both sides of the Tasman Sea. Meanwhile, treasurer of Victoria, Tim Pallas, spoke exclusively to KangaNews about the state's infrastructure programme, its fiscal strength and green bonds.

Industrial and Commercial Bank of China Sydney Branch (ICBC Sydney) priced a new domestic deal on May 20. The transaction priced 3 basis points inside indicative price guidance, at 125 basis points area over three-month bank bill swap rate (BBSW).

Despite a dismal start to the year for true corporate issuance in the Australian dollar market, participants in the seven- and 10-year deal priced by Airservices Australia (AsA) on May 12 say demand for corporate paper is vibrant. AsA printed A$400 million (US$288.9 million) from a book of roughly double that volume, and lead managers also point to corporate reverse enquiry demand on what they say is a near-unprecedented scale.