News

On January 13, AusNet Services Holdings (AusNet) (A-/A3) – a subsidiary of AusNet Services – mandated a series of fixed-income investor meetings in Asia and Australia commencing January 19. According to an announcement by the meetings' arrangers – ANZ, Commonwealth Bank of Australia and National Australia Bank – an Australian dollar denominated capital markets transaction may follow.

BNG Bank (BNG) printed a new, A$50 million (US$36.8 million), 10.5-year Kangaroo transaction on January 11. The deal priced in line with initial guidance of 73 basis points over semi-quarterly swap. According to KangaNews data, BNG was most recently in the Kangaroo market in October last year, when it added A$100 million to its August 2026 bond. This tap issue priced at 75 basis points over semi-quarterly swap.

Inter-American Development Bank (IADB) (AAA/Aaa/AAA) has priced a tap to its April 2027 Kangaroo bond on January 10. The tap issue priced flat to initial guidance of 49 basis points over semi-quarterly swap.

Commonwealth Bank of Australia (CommBank) printed A$2.65 billion (US$1.95 billion) in a new, dual-tranche five-year transaction, on January 10. The transaction marks the first Australian domestic deal of the new year. The self-led deal was marketed at 113 basis points over swap with final pricing coming in at 111 basis points.

On January 10, Asian Development Bank (ADB) (AAA/Aaa/AAA) printed A$300 million (US$221.2 million) in a new, five-year transaction. The deal priced flat to guidance of 42 basis points over semi-quarterly swap. According to KangaNews data, ADB was most recently in the Kangaroo market in September last year when it tapped its October 2026 line twice in one day for volume of A$100 million and A$50 million. Both transactions priced at 49 basis points over semi-quarterly swap.

In the wake of the first Australian domestic deal of a new year which has seen some of the best global credit issuance conditions for some time, Commonwealth Bank of Australia (CommBank) says all options are open for the majors in 2017 – despite selecting the domestic market for its own calendar-year opener. CommBank also notes the extent to which the major banks are growing in relevance on a global scale.

The decision by National Australia Bank (NAB) to launch and price a tier-two transaction early in the new year paid off, issuer and leads say, in the form of a tightly priced deal with greater than expected volume for an Australian dollar EMTN transaction. NAB printed A$275 million (US$204.6 million) of 15-year, non-call 10-year (15NC10) tier-two notes on January 11.

Issuers and arrangers of Australia's first major-bank benchmark issuance of 2016 say a well-established investor base across the US and Asia continues to provide appetite for Australian-origin deals. Following a heavy year of US dollar issuance from Australian banks in 2016 and with the new year off to a flying start, Australian banks are likely to continue to print substantial US dollar volume if investor preference remains unchanged – though they say issuance diversity will remain key.

On January 6, KommuneKredit (AAA/Aaa) printed A$70 million (US$51.2 million) in an increase to its November 2026 Kangaroo bond. The tap issue priced flat to guidance of 72 basis points over semi-quarterly swap. According to KangaNews data, the line was introduced in May last year for volume of A$50 million and pricing of 70 basis points over semi-quarterly swap.

Municipality Finance (Munifin) printed A$25 million (US$18.3 million) in a new 10.5-year Kangaroo transaction on January 6. The deal priced flat to guidance of 67 basis points over semi-quarterly swap. KangaNews data show that Munifin was most recently in the Kangaroo market in June last year when it topped up its February 2026 bond by A$50 million. This transaction priced at 67 basis points over semi-quarterly swap.

World Bank (AAA/Aaa) printed A$600 million (US$438.3 million) in a new, five-year Kangaroo bond on January 5. The transaction was upsized from a launch volume of A$300 million and priced flat to guidance of 42 basis points over semi-quarterly swap. According to KangaNews data, World Bank was most recently in the Kangaroo market in December last year when it added A$75 million to its 2031-maturity line. This transaction priced at 47 basis points over semi-quarterly swap.

On January 6, Retenbank (AAA/Aaa) priced an increase to its September 2022 Kangaroo bond at the same spread as initial price guidance: 54 basis points over semi-quarterly swap. According to KangaNews data, the line was introduced in February 2015 for volume of A$250 million (US$182.3 million) and pricing of 27 basis points over semi-quarterly swap.