News
On 19 June, BNG Bank (AAA/Aaa/AAA) launched a minimum A$20 million (US$13.7 million) increase to its November 2030 Kangaroo bond. Indicative price guidance for the forthcoming deal is 64 basis points area over semi-quarterly swap, equivalent to 61.6 basis points area over May 2030. Pricing is expected on the day of launch, according to lead manager RBC Capital Markets.
The following interview is with a New Zealand-based debt capital markets issuer. It was conducted on 17 June 2020.
On 18 June, Inter-American Development Bank (IADB) (AAA/Aaa/AAA) launched a new, minimum NZ$150 million (US$96.5 million), five-year Kauri bond transaction. The forthcoming deal is being marketed at 43 basis points area over mid-swap, equivalent to 38.36 basis points area over New Zealand government bond. Pricing is expected on the day after launch, according to Commonwealth Bank.
On 18 June, KfW Bankengruppe (AAA/Aaa) launched a minimum A$100 million (US$68.5 million) increase to its June 2022 Kangaroo bond. Indicative price guidance for the forthcoming deal is 31 basis points area over semi-quarterly swap, equivalent to 20.85 basis points area over Australian Commonwealth government bond. Nomura is sole lead manager.
The following interview is with a New Zealand-based banker in sustainable finance. It was conducted on 16 June 2020.
Kommunalbanken Norway (KBN) (AAA/Aaa) launched a new, minimum NZ$50 million (US$32.2 million), 10-year Kauri bond transaction on 18 June. The forthcoming deal is being marketed at 71 basis points area over mid-swap, equivalent to 77 basis points area over New Zealand government bond. Pricing is expected on the day after launch, according to lead manager ANZ.
New Zealand Debt Management (NZDM) says its latest, record-breaking syndication had a more straightforward execution process than its previous deal, which came closer to the beginning of the COVID-19 crisis. A clearer sovereign funding picture and ongoing central bank intervention paved the way for jumbo volume despite ongoing economic uncertainty and market volatility.