News
On October 2 Kommunalbanken Norway (AAA/Aaa) (KBN) launched a three-year fixed rate Kauri deal via ANZ Institutional, Bank of New Zealand and RBC Capital Markets.
Rentenbank expects to raise a further €1 billion outside core funding markets by the end of the year. But the agency has not committed to a Kangaroo or Kauri deal in 2007.
Eurofima (AAA/Aaa/AAA) brought its second Kangaroo deal this month, pricing a A$100 million (US$88 million) increase to its 2010 bond on September 28 after a similarly-sized increase to its 2020 Kangaroo on September 5.
The slow primary market for Kangaroos continues to be dominated by offshore demand, with 90 per cent of a A$200 million increase brought by Asian Development Bank (ADB) (AAA/Aaa/AAA) sold internationally, according to lead manager TD Securities.
The flurry of recent triple-A Kauri deals continued on September 20 when Bank Nederlandse Gemeenten (BNG) (AAA/Aaa/AAA) priced a three-year, NZ$250 million (US$183.6 million) bond.
European Investment Bank (EIB) completed a A$500 million (US$420.7 million) increase to its 2010 Kangaroo bond on September 17, only the second primary issue since the recent credit crunch - following Eurofima’s A$100 million tap on September 5.
UK bank Northern Rock (A+/Aa3) has been offered emergency funding from the Bank of England (BoE) as its usual sources of short-term funding have dried up due to the ongoing credit market liquidity squeeze.
Following Queensland Treasury Corporation (QTC)’s debut at the longer end of the maturity spectrum, Nordic Investment Bank (NIB) priced its debut Kauri bond, a NZ$400 million (US$275.18 million) three year, on September 6.
On September 6 the Reserve Bank of Australia (RBA) announced a widening of the range of securities it is prepared to accept under repurchase agreements, to include bank bonds and some RMBS.
On September 5 Queensland Treasury Corporation (QTC) (Aaa/AAA) priced its debut Kauri transaction, after leads ANZ Institutional (ANZ), Deutsche Bank and RBC Capital Markets (RBCCM) quietly launched the trade the day before.
European agency Eurofima (AAA/Aaa) has become the first institution to access the Kangaroo primary market since June, bringing an A$100 million (US$82.44 million) tap to its 2020 bond, which now totals A$500 million.
The European Investment Bank (EIB) (AAA/Aaa) tapped its inaugural Kauri bond by NZ$400 million (US$232 million) on August 31, doubling the size of the issue.