News
After a period in which the euro market was the option of choice for Australian corporates needing global benchmark deal volume, NBN Co’s return to the US dollar 144A market illustrates changing economics. The deal scored the borrower its largest price revision from the marketing range and lowest new issuance concession of its three US dollar deals to date, and deal sources anticipate follow-on supply despite market headwinds.
Just a handful of transactions priced in the Australasian primary market in the week ending 13 October, all of benchmark size. The standout was a seven-and-a-half year trade from Woolworths, which attracted an almost four times oversubscribed book. Meanwhile, International Finance Corporation and Kommunalbanken Norway took advantage of conducive conditions to keep the Kangaroo supply taps open.