News
On 1 February, Local Government Funding Vehicle (LGFV) (Aa2) revealed plans to hold a nondeal roadshow for investors in Sydney on 12 February and Melbourne on 14 February. The meetings will be arranged by Commonwealth Bank of Australia and National Australia Bank.
On 1 February, African Development Bank (AfDB) (AAA/Aaa) launched a minimum A$20 million (US$16.1 million) increase to its August 2028 Kangaroo. Indicative price guidance for the forthcoming transaction is 45 basis points area over semi-quarterly swap and 51.5 basis points area over Australian Commonwealth government bond. Pricing is expected on the day of launch, according to lead manager Daiwa Capital Markets.
Export Development Canada (EDC) (AAA/Aaa) launched a capped A$125 million (US$100.8 million) tap of its October 2022 Kangaroo bond on 1 February, via Nomura. The forthcoming deal is being marketed at 30 basis points area over semi-quarterly swap and 41.75 basis points area over Australian Commonwealth government bond. Pricing is expected on the day of launch.
On 1 February, Nordic Investment Bank (NIB) (AAA/Aaa) launched a minimum NZ$100 million (US$73.7 million) increase to its January 2023 Kauri bond. Indicative price guidance for the forthcoming transaction is 34 basis points area over mid-swap. Pricing is expected on the day after launch, via ANZ and BNZ.
Asian Development Bank (ADB) (AAA/Aaa/AAA) revealed plans to price a minimum A$300 million (US$241.6 million) new 10.5-year Kangaroo line on 1 February in an announcement circulated late Sydney time the day prior. The forthcoming deal has price guidance of 43 basis points area over semi-quarterly swap, equivalent to 51 basis points area over Australian Commonwealth government bond (ACGB), according to lead manager Mizuho Securities.
In the wake of the Kangaroo market’s first inaugural issue for 2018, Qatar National Bank (QNB)’s debut transaction on 24 January, issuer and intermediaries say conducive market conditions and extensive investor relations provided the foundation for a successful outcome.
On 31 January, Emirates NBD (A+/A3) revealed plans for a potential 10-year Kangaroo transaction with indicative price guidance of 200 basis points area over semi-quarterly swap. ANZ, Emirates NBD Capital and Nomura are leading.
On 31 January, National Australia Bank (NAB) began taking indications of interest for its residential mortgage-backed securities transaction, NRMBS 2018-1. The self-led deal has indicative total volume of A$750 million (US$607.3 million), including a green tranche, Class A1-G, which has indicative volume of A$112.5 million.