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BPCE (A/A2/A) plans to conduct an Australian and Asian investor call on April 12, the issuer has revealed. According to KangaNews data, BPCE was most recently in the Kangaroo market in October 2015, pricing a A$175 million (US$131.8 million) tier-two transaction. These fixed-rate notes priced at 320 basis points over semi-quarterly swap.
On April 8, litigation funder IMF Bentham (NR) priced a new, long four-year bond for volume of A$32 million (US$24.1 million) and an ability to accept oversubscriptions of up to a further A$20 million.
CML Group (CML) (NR) has become the third Australian mid-cap corporate issuer to return to the bond market for a second bond issue. On March 8, CML revealed it was targeting a new A$25 million (US$18.7 million), six-year bond. According to the deal's lead manager, FIIG Securities, CML's notes will pay a coupon of 8 per cent.
A deal highlight during the first week of April came from Korea Development Bank, which priced a debut, NZ$200 million (US$135.7 million), Kauri bond. The 2019 line is the first Kauri issued without a triple-A rating since May 2010. Meanwhile, issuance in the Australian market was steady.
Hard on the heels of pricing its first Kangaroo transaction of 2016, Nordic Investment Bank (NIB) (AAA/Aaa) priced an increase to its September 2025 Kauri bond on April 8. According to KangaNews data, this is NIB's longest-dated Kauri line and it was introduced in August 2015. It was subsequently increased a month later.
In the wake of New South Wales Treasury Corporation (TCorp)'s first syndicated benchmark bond of its 2015/16 funding year, the issuer tells KangaNews that having syndication in the funding toolkit remains very important despite its reduced funding requirement and a keenly bid semi-government market.
On April 7, Korea Development Bank (KDB) (AA-/Aa2/AA-), priced its first-ever Kauri transaction. According to KangaNews data, the deal is the first Kauri issued without a triple-A rating – including Australian bank covered bonds – since Telstra Corporation printed NZ$100 million (US$67.7 million) of fixed-rate notes in May 2010.
Nordic Investment Bank (AAA/Aaa) priced its first Kangaroo transaction of the year on April 7, increasing its February 2026 line from the A$100 million (US$) issued when the bond was introduced in July last year. The inaugural transaction priced at 54.5 basis points over Australian Commonwealth government bonds, according to KangaNews data.
On April 7, Asian Development Bank (ADB) (AAA/Aaa/AAA) priced a new, 10-year line in its second Kangaroo transaction of 2016. The new deal follows a A$300 million (US$226.8 million) five-year bond priced at 42 basis points over semi-quarterly swap in January this year.
On April 6, New South Wales Treasury Corporation (TCorp) (AAA/Aaa) priced a new nominal benchmark bond. The transaction was increased from volume of A$500 million (US$377.3 million). According to KangaNews data, this is TCorp's first syndicated domestic deal since it printed A$1.9 billion in an October 2020 benchmark line in April 2015.