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World Bank (AAA/Aaa) has priced its second transaction in the New Zealand market in 2012 with a five-year Kauri bond on July 31. Its last issue in February brought World Bank's outstanding volume to NZ$17.7 billion over three lines.

KangaNews is pleased to announce the launch of intermediary league tables for the Australian covered bond market – including historical Kangaroo covered bond issuance – and for Australian and New Zealand covered bond issuance into global benchmark markets. Since the market opened in late 2011 Australian banks have issued the equivalent of over US$35 billion of covered bonds globally, while New Zealand banks have placed over US$8 billion since mid-2010.

Nordic Investment Bank (NIB) (AAA/Aaa) has priced its third transaction of 2012 on July 30 with a new five-year Kangaroo. The deal comes during what already a bumper month for Kangaroos with 16 transactions priced in July to date.

AUD - AUSTRALASIAN BANK COVERED BOND DEALS LED BY NAB CUMULATIVE
Sett. date Issuer Volume (A$M) Maturity date Format Lead(s)
14/06/11 BNZ International Funding 700 14/06/16 Fixed NAB
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A flurry of Kangaroo issuance swept in through a window of opportunity during the week ending July 27 as seven deals priced. Issuance included no fewer than four deals by African Development Bank and the debut of Canada's Province of Manitoba. In addition, two corporate deals and an agency transaction priced in Australia.

Kangaroo borrowers say demand driving bumper high-grade July deal flow continues to be concentrated in Asia, but Australian and European take up has been a growing feature of selected deals. As of the close on July 26, 13 Kangaroo transactions from 10 issuers have been completed in July for a total of A$3.35 billion (US$3.48 billion), with pricing on at least one more deal imminent.

General Property Trust Group (GPT) (A-/A3) has priced an increase to its 2019 domestic line priced in January 2012. The transaction adds A$100 million (US$103.4 million) to the A$150 million outstanding in the line and become GPT's second deal in 2012. Leads managers on the transaction are Commonwealth Bank Australia, National Bank Australia and UBS.

The Province of Manitoba (Manitoba) (AA/Aa1) has priced a new 10-year Kangaroo in its debut transaction in the market. In a 2008 roadshow, representatives from Manitoba indicated it had been studying the Kangaroo market for some time, and it saw a space for Australian investors to move out of pure triple-A into double-A credits. Lead managers on the deal are National Australia Bank and TD Securities.

In its first issue of 2012, Export Development Canada (EDC) (AAA/Aaa/AAA) has priced a new line of five-year notes to mature on August 8 2017. The deal's volume was finalised at A$750 million (US$780 million), and will add to two outstanding lines for a new total of A$2.25 billion. Commonwealth Bank of Australia, Citi and TD Securities are lead managers on the deal.