News
A green overlay and limited mid-curve supply in Australian dollars from supranational, sovereign and agency (SSA) issuers in 2018, contributed to Kommunalbanken Norway (KBN) achieving its largest-ever Kangaroo bond, deal sources say. In addition, the orderbook shows the extent to which Australian domestic fund managers continue to seek socially responsible investments.
Suncorp Group (Suncorp) achieved a blowout orderbook for its wholesale tier-two transaction priced on 29 August. According to the issuer, the robust investor response was the result of scarcity of product, transparent execution strategy and an influx of liquidity in the market.
On 31 August, Spark Finance (Spark) revised the indicative margin for its forthcoming 5.5-year domestic retail bond to 100-105 basis points over mid swap. The final margin for the NZ$100-125 million (US$66.6-83.3 million) deal will be revealed following a bookbuild, expected to be completed today.
Pent-up demand led International Finance Corporation (IFC) to bring its first Kauri deal in more than a year on 28 August. According to deal sources, offshore investors have been less prevalent in Kauri deals during 2018, including in IFC’s transaction. However, issuer and intermediaries suggest the extent of domestic demand is sufficient to support further deal flow.
