German’s agency for agriculture, Rentenbank, plans to raise around €11 billion (US$16 billion) in medium- to long-term funding in 2008. This compares with €11.2 billion raised so far this calendar year.
International Finance Corporation (AAA/Aaa) (IFC) completed a week-long roadshow in Australia on December 7 and hopes to be able to debut in the Kangaroo market by the middle of 2008, market conditions allowing.
The NZ$225 million (US$172 million) increase to Kommunalbanken Norway (AAA/Aaa) (KBN)’s 2010 Kauri bond, which priced on December 5, was transacted without a New Zealand bank as lead manager; instead, RBC Capital Markets (RBCCM) acted as sole lead on the deal.
The A$200 million (US$176 million) increase to Rentenbank’s (AAA/Aaa/AAA) 2013 bond which priced on December 3 could be the last Kangaroo primary market transaction in 2007 according to TD Securities (TD), which lead-managed the deal.
Late interest from domestic investors saw 55 per cent of a A$200 million (US$177 million) increase to KfW Bankengruppe (AAA/Aaa/AAA) (KfW)’s 2012 Kangaroo sold domestically, according to lead manager TD Securities (TD).
Crédit Agricole has successfully priced a NZ$250 million (US$189 million) Tier 1 Kauri bond, with investors saying the deal’s performance will be a good guide to appetite for the product type in New Zealand.
GE (AAA/Aaa) will be roadshowing in Australia and New Zealand at the beginning of December via nabCapital and Bank of New Zealand. The Stamford, Connecticut-based issuer has visited Australia annually for the last five years, but this is the first time New Zealand investors have been added to the schedule.
In highly volatile market conditions, KfW Bankengruppe (AAA/Aaa/AAA) (KfW) increased its 2012 Kangaroo bond by A$200 million (US$185 million) on November 8. Although demand was largely international, unusually high yield pickup between government bonds and triple-A securities is leading to optimism that the domestic investor base may soon return.
Citigroup has become the latest US bank to have its credit rating downgraded following the firm’s announcement that it will lose US$8 billion–11 billion in the fourth quarter as a result of its US$55 billion sub-prime exposure.