News
On February 2, International Finance Corporation (IFC) (AAA/Aaa) priced an increase to its May 2020 Kauri line. According to KangaNews data, the transaction is the fourth tap to IFC's longest-dated Kauri bond, which was introduced in May 2013 for volume of NZ$175 million (US$114.4 million) and pricing of 23 basis points over mid-swap. This line was most recently increased by NZ$325 million on January 7 at 42 basis points over mid-swap.
On February 2, Rentenbank (AAA/Aaa/AAA) priced an increase to its April 2021 line. According to KangaNews data, the transaction is Rentenbank's first tap to its 2021 line. The line was introduced in April last year for a volume of A$300 million (US$212.1 million) and pricing of 55 basis points over Australian Commonwealth government bond (ACGB).
Bank of Queensland (BOQ) (A-/A3/A-) printed a new, two-year Australian dollar floating rate note (FRN) on February 1. According to KangaNews data, the transaction is BOQ's first domestic deal of 2016.
The three-year Kangaroo bond for Korea National Oil Corporation (Koroil) (AA-/Aa2/AA-) progressed to launch on February 1, in what will be the issuer's second foray into the Australian domestic market. The deal will be the first Kangaroo transaction from a Korean issuer since Korea Development Bank priced A$300 million (US$212.1 million) in a three-year transaction in November last year.
Queensland Treasury Corporation (QTC) (AA+/Aa1) priced a syndicated increase to its 2026 benchmark bond on July 28. The deal is the first semi-government syndication priced in Australia this year, although it follows the issue via bookbuild of A$4.6 billion (US$3.2 billion) of new 2027 maturity bonds by the Australian Office of Financial Management on January 20.
Deal activity was rekindled in the final week of January. Bank of New Zealand got New Zealand's domestic market rolling for 2016 with a new covered bond and Royal Bank of Canada Sydney Branch and Queensland Treasury Corporation both priced new deals in Australia.