News
African Development Bank (AfDB) (AAA/Aaa) launched a minimum A$30 million (US$23.6 million) increase to its July 2027 Kangaroo on 5 January, via Mizuho Securities. Indicative price guidance for the forthcoming transaction is 45 basis points area over semi-quarterly swap and 50.25 basis points area over Australian Commonwealth government bond. Pricing is expected on the day of launch.
On 5 January, KfW Bankengruppe (KfW) (AAA/Aaa/AAA) launched an increase to its March 2028 Kangaroo bond. The forthcoming transaction has indicative price guidance of 47 basis points area over semi-quarterly swap and 50.75 basis points area over Australian Commonwealth government bond. The deal will price in the near future, according to joint lead managers RBC Capital Markets and TD Securities.
European Investment Bank (EIB) mandated its second climate-awareness Kangaroo transaction of the new year late in the Sydney day on 4 January. Hard on the heels of printing a new A$750 million (US$589.5 million) five-year deal on 3 January, EIB has mandated a A$175 million reopening of its February 2028 Kangaroo climate-awareness bond, which will take the total outstanding in this line to A$500 million.
Inter-American Development Bank (IADB) (AAA/Aaa) launched a minimum A$250 million (US$195.8 million) tap to its May 2023 Kangaroo on 4 January. Indicative price guidance for the forthcoming transaction is 33 basis points area over semi-quarterly swap and 33.75 basis points area over Australian Commonwealth government bond. Pricing is expected on the day after launch, according to lead managers Mizuho Securities, RBC Capital Markets and TD Securities.
On 4 January, Nordic Investment Bank (NIB) (AAA/Aaa) launched a new, minimum NZ$100 million (US$70.8 million) five-year Kauri bond. Indicative price guidance for the forthcoming transaction is 35 basis points area over mid-swap. ANZ is the sole lead manager.
In early December 2017, for the second year running, KangaNews invited debt strategists from the best-performing houses in its mid-year Fixed-Income Research Poll to a roundtable discussion to look at the year passed and to come. In a wide-ranging conversation, strategists share views on international and domestic market conditions, rates and yield directions and why inflation is the missing piece in the global recovery.
On 3 January, Asian Development Bank (ADB) (AAA/Aaa/AAA) launched a new, minimum A$300 million (US$235 million), five-year Kangaroo bond. Indicative price guidance for the forthcoming transaction is 32 basis points area over semi-quarterly swap and 30 basis points area over Australian Commonwealth government bond. The deal will price on or before 4 January, according to lead managers ANZ, Deutsche Bank and Nomura.
Asian Development Bank (ADB) (AAA/Aaa/AAA) mandated a new, five-year Kangaroo transaction on 2 January. Pricing guidance has not been disclosed on the deal, which is being led by ANZ, Deutsche Bank and Nomura.
The first new Kangaroo deal launch of 2018 came from European Investment Bank (EIB) (AAA/Aaa/AAA) on 2 January, in the form of a new, five-year climate-awareness bond. The transaction is being marketed at 37.25 basis points over Australian Commonwealth government bond or 37 basis points over swap via RBC Capital Markets, TD Securities and UBS. Pricing is expected on 3 January.
Markets were predictably quieter in the wind down to Christmas, with Macquarie Bank's A$100 million (US$76.7 million) 18-month floating-rate note and International Finance Corporation's A$50 million October 2027 Kangaroo tap two of only three Australian deals priced. The securitisation sector finished a record year with a A$1 billion prime residential mortgage-backed securities transaction from Resimac.