News
BNG Bank (AAA/Aaa/AA+) mandated and priced an increase to its July 2025 Kangaroo bond on February 12, in the first longer-dated Kangaroo transaction of the new year. BNG's deal is the sixth to launch in the high-grade Kangaroo market in 2016, but the first with tenor of more than five years.
The Kangaroo market has shaken off a cataclysmic start to 2016 in the equity sector to register a clutch of impressive high-grade deal outcomes. Intermediaries say early-year deals suggest the global flight to quality is, so far, extending to Australian dollar transactions – provided they are priced appropriately.
The Kangaroo supranational, sovereign and agency market sprang into life early in 2016 with three new deals priced during the first full week of the new calendar year. Meanwhile, NRW.BANK revealed plans for a Kangaroo market return while the Kauri market also got started early.
Having priced the first Kauri bond deal of the new year on January 7, International Finance Corporation (IFC) (AAA/Aaa) followed a day later with the pricing of an increase to its 2021 maturity Kangaroo. According to KangaNews data, the Australian dollar transaction adds to a line introduced in July last year and now has A$750 million (US$528.7 million) on issue.
On January 7 NRW.BANK – the state development agency for North Rhine-Westphalia – announced that it will be roadshowing in Sydney and Melbourne on January 18 and 19, followed by a visit to Japanese investors, to discuss appetite for Australian dollars. The issuer has dusted off and renewed its A$3 billion (US$2.1 billion) Kangaroo programme which was first launched in 2005.
The second new Kangaroo deal of 2016 priced on January 7, as European Investment Bank (EIB) (AAA/Aaa/AAA) disclosed plans to introduce a new five-year benchmark. The new mandate follows a similar-maturity deal launch from World Bank, on January 5.
The new five-year Kangaroo deal mandated by World Bank on the first working day of the new year was priced on January 6. World Bank had a relatively quiet 2015 in the Kangaroo market, issuing just A$1.6 billion (US$1.1 billion) in three transactions according to KangaNews data.
ANZ and National Australia Bank (NAB) topped the tree in KangaNews's full-year intermediary league tables for Australian-market bond deals in 2015. ANZ comes out on top in the All-Australian Dollar Domestic League Table – including credit, syndicated government-sector and Kangaroo issuance but excluding self-led deals – while NAB scores in the pure domestic credit market.
The flow of government and semi-government mid-year updates continued with announcements by New Zealand Debt Management Office, Australian Office of Financial Management, Queensland Treasury Corporation and New South Wales Treasury Corporation. Meanwhile, Macquarie Bank and Korea National Oil Corporation laid out 2016 issuance plans.