News
On April 5, National Australia Bank priced the refinancing of the class A1-u2 notes of Pepper Australia's Pepper Residential Securities Trust No. 12 residential mortgage-backed securities issue.
On April 5, Canadian Imperial Bank of Commerce (CIBC) (A+/Aa3/AA-) revealed plans to update covered-bond investors in a call which is due to take place on April 6. According to KangaNews data, CIBC was most recently in the Kangaroo market in June 2015, pricing a A$300 million (US$228.4 million), five-year covered bond at 65 basis points over bank bill swap rate.
KfW Bankengruppe (KfW) (AAA/Aaa/AAA) priced an increase to its April 2020 Kangaroo bond on April 5. The deal marked a quick return for KfW to the Australian market after it tapped the same line by A$300 million (US$228.1 million) at 66.75 basis points over Australian Commonwealth government bond (ACGB) on April 1.
The New Zealand Debt Management Office (NZDMO) says smaller individual bid sizes weighed on the final volume of its April 2025 syndicated nominal bond, priced on April 1, in line with wider market conditions. The book was comfortably oversubscribed, the issuer says, but its desire to ensure a positive outcome for all parties led it to limit the scale of the transaction.
According to ANZ Banking Group (ANZ), a range of factors helped the bank price its largest ever domestic benchmark transaction to come to market without a sovereign guarantee. Despite the positive outcome, however, the issuer says conditions remain subject to rapid change and execution windows are likely to remain small.
The last week of March saw solid issuance volumes on both sides of the Tasman Sea. In Australia, ANZ Banking Group priced the largest major-bank deal of the year so far, with a A$2.6 billion (US$2.0 billion) fixed- and floating-rate transaction. Meanwhile, the New Zealand Debt Management Office priced its first syndicated nominal bond of 2016.
On April 1, KfW Bankengruppe (KfW) (AAA/Aaa/AAA) launched and priced an increase to its April 2020 Kangaroo bond. According to KangaNews data, the line was introduced in January 2015 for volume of A$750 million (US$574.3 million) and pricing of 26 basis points over semi-quarterly swap. The line was subsequently increased three times, most recently in October last year for A$300 million at 40 basis points over swap.
Syndication of the new April 2025 nominal bond for the New Zealand Debt Management Office (NZDMO) progressed to pricing on April 1. According to KangaNews data, the new transaction will be the NZDMO's first syndicated deal of 2016. In 2015, it issued NZ$2 billion of new 2033 nominal bonds via one bookbuilt transaction, with pricing of 33 basis points over NZGB.
On March 31, ANZ Banking Group (ANZ) (AA-/Aa2) launched and priced a new, self-led, senior-unsecured domestic benchmark. The new five-year bond is ANZ's second domestic benchmark of 2016.