News
On 12 October, Auckland International Airport (Auckland Airport) (A-/S&P) launched a no-grow A$110 million (US$85.7 million) increase to its September 2027 Kangaroo bond. Price guidance is 120-125 basis points area over semi-quarterly swap, according to lead managers Commonwealth Bank of Australia and Westpac Institutional Bank.
Abu Dhabi Commercial Bank (ADCB) (A/A+) revealed plans for a new, multi-tranche Kangaroo transaction on 11 October, to include a five-year tranche in either or both of fixed- or floating-rate format and a 10-year fixed tranche. Initial price talk is 140 basis points area and 175 basis points area respectively, with launch expected “in the near future”.
Export Development Canada (EDC) (AAA/Aaa) launched an indicative A$300 million (US$233.4 million) five-year Kangaroo on 11 October. Price guidance on the forthcoming deal, which is expected to price on 12 October, is 32 basis points area over semi-quarterly swap, according to lead managers ANZ, Citi and TD Securities.
On 11 October, Asian Development Bank (ADB) (AAA/Aaa/AAA) launched a minimum A$150 million (US$116.9 million) tap of its September 2027 Kangaroo line. The deal is being marketed in the area of 45 basis points over semi-quarterly swap. Joint leads Deutsche Bank, Nomura and RBC Capital Markets say they will also consider reopening ADB’s March 2032 Kangaroo, “subject to investor feedback”.
Auckland International Airport (Auckland Airport) (A-/S&P) began taking indications of interest for an indicative A$100 million (US$77.9 million) increase to its September 2027 Kangaroo bond on 11 October. Price guidance for the forthcoming tap is 125-130 basis points area over semi-quarterly swap.
Spark Finance (Spark) (A-) launched a 10-year, fixed-rate Australian dollar transaction on 11 October. Initial price guidance on the deal, which has ANZ as sole bookrunner and ANZ and National Australia Bank as joint leads, is in the area of 130 basis points over semi-quarterly swap.
The seven-year domestic deal for United Energy Distribution (UED) (BBB+/S&P) progressed to launch on 11 October. Price guidance on the forthcoming deal is 135 basis points area over semi-quarterly swap, according to lead managers ANZ and National Australia Bank.