News
NRW.BANK (AA-/Aa1/AAA) launched a minimum A$30 million (US$24 million) increase to its May 2028 Kangaroo bond on 24 January, via TD Securities. The tap, which is set to price on day of launch, is being marketed at 77 basis points over Australian Commonwealth government bond or 70 basis points over swap.
Commonwealth Bank of Australia (CommBank) mandated the refinancing of the class A3 notes of its Medallion 2013-1 residential mortgage-backed securities (RMBS) on 24 January. Indications of interest are being taken on the new A3-R tranche, with price guidance in the mid-80s basis points area over bank bills for the new 3.2-year weighted-average life notes. CommBank is leading.
United Energy Distribution (UED) (A-) launched a five-year domestic deal, as well as an increase to its October 2024 Australian dollar line, on 23 January. Indicative price guidance is 100-105 basis points area and 115-120 basis points area over semi-quarterly swap respectively.
On 23 January, Qatar National Bank (QNB) (A/Aa3/A+) revealed plans for a multi-tranche Kangaroo deal. QNB is considering a five-year tranche in either or both of fixed- and floating-rate formats and a 10-year fixed-rate tranche. Initial price guidance is in the area of 180 basis points and 215 basis points over swap benchmarks respectively.
On 22 January, KommuneKredit (AAA/Aaa) launched a minimum A$50 million (US$40 million), 10.5-year Kangaroo bond, via J.P. Morgan and RBC Capital Markets. Indicative price guidance is 60 basis points area over semi-quarterly swap, with pricing expected on the day of launch.