News
On April 23, Queensland Treasury Corporation (QTC) (AA+/Aa1) priced a tap of its 2023 benchmark Australian dollar bond. According to KangaNews data, the deal is the borrower's third syndicated increase of the line which was introduced in September 2012 at a volume of A$750 million (US$582.1 million).
On April 23, KfW Bankengruppe (KfW) (AAA/Aaa/AAA) priced the fourth increase of its February 2025 Kangaroo bond. According to KangaNews data, the line was first introduced in August 2014 at a volume of A$450 million (US$351 million) and pricing of 57.50 basis points over Australian government bond (ACGB).
Rentenbank (AAA/Aaa/AAA) priced a tap to its April 2024 Kauri bond on April 23. According to KangaNews data, the line was first introduced in April last year at volume of NZ$175 million (US$134.1 million) and pricing of 43 basis points over swap.
The issuer and leads on Groupe BPCE (BPCE)'s (A/A2/A) recent Kangaroo market return saw a significant pickup in demand from new and returning investors. Carefully judged pricing is particularly important in supporting such a volume outcome, the issuer argues.
On April 22, Rentenbank (AAA/Aaa/AAA) priced the second increase of its September 2022 Kangaroo bond. According to KangaNews data, the line was first introduced at volume of A$250 million (US$192.9 million) on February 26 this year, and pricing of 55.75 basis points over Australian government bond (ACGB). Later on March 4, another A$150 million was added to the line, with pricing of 53.50 basis points over ACGB.
The Inter-American Development Bank (IADB) (AAA/Aaa) priced a new 10.5-year Kangaroo transaction on April 21. According to KangaNews data, the forthcoming deal will be the fourth time the issuer has priced an Australian dollar deal in 2015. Most recently on February 13, IADB added A$150 million (US$117.1 million) to its 2024 Kangaroo line. That transaction priced at 46 basis points over Australian government bond.
Asciano Finance (Asciano) (BBB/Baa2) revealed on April 20 that it is preparing to meet investors in a series of meetings taking place in Australasia this week, ahead of a potential debut domestic deal.
The Australian and New Zealand bond markets both saw deal activity during the week under review, with a range of issuers pricing new transactions. Meanwhile, a revised iron-ore price outlook saw ratings for the state of Western Australia and a number of mining firms placed on negative credit watch by Standard & Poor's Ratings Services.