News
Effective September 3 2007, the RBNZ will broaden the range of securities acceptable for overnight reverse repo facility (ORRF) as a last resort facility for counterparties to access cash in exchange for security.
Kaupthing Bank (Aa3/A), Iceland’s largest financial institution, is roadshowing in Australia and hopes to issue its first publicly-placed Kangaroo as soon as short-term market conditions move in its favour.
Japan’s Orix Corporation (A-/Baa1) and its Australian subsidiary Orix Australia, which is subsidised by its parent and as such shares its credit rating, will roadshow in Australia at the start of August.
Standard & Poor's (S&P) has improved its outlook on the Canadian province of Québec (A+/A1/AA-) from neutral to positive on the back of a commitment to reduce its overall debt.
Participants at the recent ANZ/KangaNews forum in London and Sydney see ongoing opportunities for the Kangaroo market despite an increasingly competitive marketplace for triple-A issuers.
International Finance Corporation (IFC) (AAA/Aaa), the private sector arm of the World Bank Group, is understood to be working on documentation for a Kangaroo programme.
Kaupthing Bank (Aa3/A), Iceland’s largest financial institution, will return to Australia with a roadshow, arranged by ANZ Banking Group (ANZ) and RBC Capital Markets (RBCCM), commencing on July 16.
Concern over the likely impact of GPS120, the Australian Prudential Regulation Authority (APRA) edict which prevents Australian general insurers from classifying Kangaroo bonds as domestic assets for portfolio purposes, appears to have receded.
J.P. Morgan Chase & Co (AA-/Aa2) priced its inaugural Kangaroo on June 14, a A$950 million (US$778 million) senior two-tranche deal.
J.P. Morgan Chase has taken soundings with investors with regard to issuing its first Kangaroo deal, discussing the possibility of bringing either or both senior and subordinated deals.
Credit agencies Moody’s Investors Service (Moody’s) and Standard & Poor’s (S&P) have confirmed that bonds issued by Sallie Mae (SLM) are likely to fall below investment grade if its expected takeover by a private equity consortium goes ahead.
A May 18 A$250 million (US$205 million) tap raised Instituto de Crédito Oficial (ICO)'s (AAA/Aaa/AAA) March 2011 bond to a total issuance of A$750 million.