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On June 18 Queensland Treasury Corporation (QTC) (AA+/Aa1/AA+) priced its first domestic benchmark bond via bookbuild, with the issuer confirming that the new 2019 maturity will, like the rest of its outstanding lines, be covered by the government guarantee on state funding when that scheme is finalised.

ING Bank Australia (ING Australia) (AA-) priced its new five-year domestic bond under the terms of the Australian sovereign guarantee on June 17, netting A$2 billion (US$1.6 billion) across the fixed and floating tranches of the deal. The transaction priced at the expected rate of 65 basis points over swap and is the fourth benchmark Australian market deal from an offshore-parented bank in June 2009.

ING Bank Australia (ING Australia) (AA-) has launched a new five-year domestic transaction under the terms of the Australian sovereign guarantee with pricing expected on June 17. The transaction has indicative pricing of 65 basis points over swap and will be the fourth benchmark Australian market deal from an offshore-parented bank in June 2009.

Queensland Treasury Corporation (QTC) (AA+/Aa1/AA+) will use the government guarantee on state borrowing to help it fill a funding task of A$22.54 billion (US$17.86 billion) for the financial year 2009/10. Queensland treasurer Andrew Fraser says the guarantee will be applied to all outstanding lines and while QTC intends to guarantee future issues it also "reserved the right to issue non-guaranteed bond lines".
The supranational, sovereign and agency (SSA) Kangaroo market continues to surge ahead with the International Finance Corporation (IFC) (AAA/Aaa) pricing A$750 million in its new 2014 maturity Kangaroo deal – an increase from the minimum size at launch of A$300 million.

BNP Paribas (BNP) (AA/Aa1/AA) priced its first deal in the Australian market for over a decade on June 16 when it brought a total of A$1 billion (US$789.9 million) of fixed and floating rate three-year paper to market in unguaranteed format through its Australian branch. The transaction priced at 145 basis points over swap.

The state of New South Wales (NSW) and NSW Treasury Corporation (TCorp) (both AAA/Aaa/AAA) had their ratings outlook improved to stable by Standard & Poor’s (S&P) on the back of what the rating agency called a strong state budget. On the same day S&P affirmed its ratings and stable outlooks on Queensland and Queensland Treasury Corporation (both AA+/Aa1/AA+) after the state also issued its 2009/10 budget.

On June 12 Tabcorp Investments No.4, a 100 per cent subsidiary of Tabcorp (BBB+) priced A$150 million (US$122 million) of floating rate bonds at 425 basis points over the three-month bank bill swap rate - the same level as the company's A$284 million of listed bonds sold on April 30.
On June 11 Citi Australia (A+/A2) debuted in the Australian government-guaranteed term funding market when it priced a total of A$1.3 billion (US$1.05 billion) of fixed and floating rate three-year notes. This is the first billion-plus dollar deal from a foreign subsidiary bank in Australia under the terms of the local sovereign guarantee.
On June 11 French social security debt amortisation agency, CADES (AAA/Aaa/AAA), became the sixth issuer to return to the Kangaroo market in 2009 with the pricing of a A$700 million (US$568 million) increase to it 7.5 per cent February 28 2013 bond. The increase was launched a day before with a minimum size of A$300 million.
Royal Bank of Scotland Australia Branch (RBS) (A+/Aa3/AA-) increased the size of its unguaranteed 2012 floating rate note (FRN) by A$400 million (US$324million) on June 12, bringing the total size of the line to A$1 billion just a day after initial launch and pricing.

Citigroup (Citi) (A+/A2) debuted in the Australian government guaranteed term funding market on June 11 with the launch of a minimum A$1 billion (US$802.8 billion) three year transaction which would be the first billion-plus dollar deal of from a non-Australian bank under the terms of the local sovereign guarantee.