News
African Development Bank (AAA/Aaa/AAA) (AfDB) has become the 12th SSA issuer in the Kauri market with the February 21 pricing of its NZ$200 million (US$159.8 million) debut, a 2013 bond.
International Finance Corporation (AAA/Aaa) (IFC) priced its debut Kangaroo deal on February 20: a A$500 million (US$458 million) 2013 bond priced at 94.75 basis points over the benchmark 6.5 per cent 2013 government security.
European Investment Bank (AAA/Aaa/AAA) (EIB) maintained its policy of only bringing Kangaroo deals in size by pricing a A$500 million (US$452.2 million) increase to its 2013 line on February 15.
Council of Europe Development Bank (AAA/Aaa/AAA) (CEB) increased its 2012 Kangaroo bond by A$100 million (US$90.42 million) on February 15 in a deal led by Commonwealth Bank of Australia (CommBank).
US financing firm CIT Group (A/A2/A) (CIT) used its recent Australian investor update to reassure the market of its commitment to its Australian business and the stability of its credit, while acknowledging that it may be some months before investors are ready to reenter credit markets.
The NZ$175 million (US$214.8 million) increase to Rentenbank’s (AAA/Aaa/AAA) 2013 Kauri, which priced on January 31, brought the agency’s total issuance to its NZ$500 million limit for repo-eligibility in New Zealand.
Rabobank (AAA/Aaa) roadshowed in Australia last week, and although the firm does not believe the timing is yet right for an Aussie dollar deal it has reaffirmed its intention to be active in the market during 2008.
Two US-based financial institutions – Wells Fargo (AA+/Aa1/AA) and CIT Group (A/A2/A) – will visit investors in Australia in the next two weeks, KangaNews has learned from market sources.
Inter-American Development Bank (AAA/Aaa) (IADB) expects to remain active in Australian and New Zealand markets following increases to its 2010 Kangaroo and 2015 Kauri bonds priced on the same day, January 25.
The first new Kauri deal of the year is a debut issue from Council of Europe Development Bank (CEB) (AAA/Aaa/AAA), a NZ375 million (US$285.2 million) transaction led by ANZ Institutional and TD Securities that priced on January 23.
On January 18 European Investment Bank (EIB) (AAA/Aaa/AAA) priced a A$400 million (US$352 million) increase to its 6.125 per cent January 2017 Kangaroo bond, bringing the total amount outstanding in this line to A$1.2 billion.
On January 18 Export Development Canada (EDC) (AAA/Aaa) increased its November 2010 Kauri deal by NZ$100 million (US$76 million). The deal was led by Bank of New Zealand (BNZ) and RBC Capital Markets (RBCCM).