News
On 10 January, Export Development Canada (EDC) (AAA/Aaa) launched a minimum A$250 million (US$195.4 million) increase to its October 2022 Kangaroo bond. The transaction is being marketed at 32 basis points area over semi-quarterly swap and 40.7 basis points area over Australian Commonwealth government bond. Pricing is expected on the day after launch, according to lead managers Commonwealth Bank of Australia, Deutsche Bank and RBC Capital Markets.
Oesterreichische Kontrollbank (OKB) (AA+/Aa1) mandated a A$25 million (US$19.6 million) increase to its 2027 Kangaroo bond late in the Australian day on 9 January. The TD Securities-led tap is being marketed at 67.75 basis points over Australian Commonwealth government bond or 60 basis points over swap and is expected to price on 10 January.
On 9 January, National Australia Bank (NAB) announced that it will engage with investors in relation to its National residential mortgage-backed securities (RMBS) programme. A potential Australian dollar-denominated transaction may follow, with NAB indicating that the structure may include a green RMBS tranche.
On 9 January, Mercedes-Benz Australia (Mercedes-Benz) (A/A2/A) progressed to launch with an indicative A$100 million (US$78.6 million) three-year EMTN transaction. The deal is being marketed at 59 basis points area over semi-quarterly swap. Pricing is expected on the day of launch during London hours, according to joint lead managers Commonwealth Bank of Australia and TD Securities.
Mercedes-Benz Australia (Mercedes-Benz) (A/A2/A-) mandated a new, three-year, Australian dollar-denominated EMTN transaction on 9 January, via Commonwealth Bank of Australia and TD Securities.
The supranational, sovereign and agency (SSA) Kangaroo market reopened for 2018 with two European Investment Bank (EIB)-issued climate-awareness bond transactions that intermediaries hope will foreshadow another robust year in the sector. The benchmark volume of the initial transaction underscores solid investor confidence in Kangaroo SSAs, intermediaries insist.
On 9 January, Kommunalbanken Norway (KBN) (AAA/Aaa) launched an increase to its April 2023 Kangaroo bond. Indicative price guidance for the forthcoming transaction is 43 basis points area over semi-quarterly swap and 45.25 basis points area over Australian Commonwealth government bond. The deal is expected to price on or before 10 January, according to lead managers Deutsche Bank and TD Securities.
BNG Bank (AAA/Aaa/AA+) launched a new, 10.5-year Kangaroo line late in the Sydney day on 8 January. According to lead managers Deutsche Bank, Nomura and RBC Capital Markets, the forthcoming deal has price guidance of 63 basis points over semi-quarterly swap and 69.75 basis points over Australian Commonwealth government bond and will price the day after launch.