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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.

FOREIGN CURRENCY ABS DEALS

Issue
date		 Issuer Currency Volume Legal
maturity
date		 Lead(s)
14/03/12 Macquarie Leasing USD 100   JPM, MB, RBS
14/03/12 Macquarie Leasing USD 65   JPM, MB, RBS
14/03/12 Macquarie Leasing USD 80   JPM, MB, RBS
14/03/12 Macquarie Leasing USD 60   JPM, MB, RBS
14/03/12 Macquarie Leasing USD 105   JPM, MB, RBS
14/03/12 Macquarie Leasing USD 90   JPM, MB, RBS
14/06/12 Macquarie Leasing USD 100 Jun-13 JPM, MB, RBS
14/06/12 Macquarie Leasing USD 32 Mar-15 JPM, MB, RBS
14/06/12 Macquarie Leasing USD 133 Mar-15 JPM, MB, RBS
14/06/12 Macquarie Leasing USD 66 Oct-16 JPM, MB, RBS
14/06/12 Macquarie Leasing USD 91 Oct-16 JPM, MB, RBS
14/06/12 Macquarie Leasing USD 27 Mar-18 JPM, MB, RBS
14/06/12 Macquarie Leasing USD 51 Mar-18 JPM, MB, RBS

AUD ABS DEALS

Issue
date		 Issuer Volume (A$M)
(exc. sub
tranches)		 Legal
maturity
date		 Lead(s)
14/09/12 Suncorp Metway 930 Jul-21 ANZ, JPM, MB, RBS
14/09/12 Suncorp Metway 52 Jul-21 ANZ, JPM, MB, RBS
14/09/12 Suncorp Metway 18 Jul-21 ANZ, JPM, MB, RBS

Kangaroo deal flow kept pace in the week ending July 20 with three deals priced, including FMS Wertmanagement's first deal of 2012 and the debut of Korea Eximbank, and details on a fourth not made public by the close. The Australian domestic market also saw two deals from the banking sector, from Deutsche Bank Sydney Branch and AMP Bank.

In what is its fifth trip to the Kangaroo market this year, Rentenbank (AAA, Aaa, AAA) priced a tap its 5.5 per cent 2020 line on July 20. The transaction adds A$100 million (US$154.6 million) to the German agency's A$9.4 billion of outstanding Kangaroo paper spread over nine lines, cementing its position as the third-largest Kangaroo borrower.

A survey of Australian self-managed superannuation fund (SMSF) investment patterns published by Multiport on July 19 indicates that while equity allocations have fallen in recent months the beneficiary asset class has been cash and short-term deposits rather than fixed interest. Overall, fixed interest represented just over 10 per cent of total SMSF holdings by June 30 2012 according to Multiport's data.

In the second week of July two semi-government borrowers came to the Australian market with large syndicated deals as a result of reverse enquiry, for a total of A$1.5 billion (US$1.6 billion). Unusually, both transactions were for shorter-dated maturities: New South Wales Treasury Corporation (TCorp) sold A$1 billion of July 2014 paper and South Australian Government Financing Authority A$500 million of December 2013 notes.

In its first domestic, non-asset backed deal since July 2011, AMP Bank (A/A2) priced a new transaction with a maturity date of July 27 2015. The three year deal had a final volume of A$100 million in a fixed rate tranche, and A$200 million of floating rate notes.