News
On 15 July, BNG Bank (AAA/Aaa/AAA) launched a capped A$100 million (US$70.2 million) increase to its November 2025 Kangaroo sustainability bond. Indicative pricing for the forthcoming transaction is 45 basis points area over semi-quarterly swap, equivalent to 60.55 basis points area over Australian Commonwealth government bond.
Australian deal activity for the week came exclusively from Kangaroo issuance. Deals priced included International Finance Corporation's A$750 million (US$524.8 million) five-year print and Bank of Montreal's A$750 million five-year dual-tranche bail-in transaction.
On 12 July, BNG Bank (AAA/Aaa/AAA) launched a minimum A$15 million (US$10.5 million) tap of its April 2029 Kangaroo bond. Indicative price guidance is 52 basis points area over semi-quarterly swap, equivalent to 59 basis points area over April 2029. Pricing is expected on the day of launch, according to sole lead manager RBC Capital Markets.
On 11 July, NRW.BANK (AA-/Aa1/AAA) mandated Deutsche Bank, J.P. Morgan and RBC Capital Markets to sound investors for an inaugural mid-curve Kangaroo transaction.
International Finance Corporation (IFC) (AAA/Aaa) launched a minimum A$25 million (US$17.4 million) tap to its existing June 2029 Kangaroo bond, on 11 July. Indicative price guidance is 42 basis points area over semi-quarterly swap, equivalent to 51.75 basis points area over Australian Commonwealth government bond. Pricing is expected on the day of launch, according to sole lead manager TD Securities.
On 11 July, Inter-American Development Bank (IADB) (AAA/Aaa/AAA) launched a minimum A$150 million (US$104.4 million) increase to its October 2025 Kangaroo bond. The forthcoming transaction is being marketed at 38 basis points area over semi-quarterly swap, equivalent to 49.9 basis points area over Australian Commonwealth government bond.