News
BPCE (A/A2/A) priced a new senior-unsecured Australian-dollar transaction on April 17, in what is the issuer's second-ever visit to the Kangaroo market. The announcement follows Australian investor meetings hosted by the issuer in the week beginning March 23.
Municipality Finance (MuniFin) mandated and priced its second Kangaroo transaction of the year on April 17, revealing plans to increase its March 2024 line. The 2024 is MuniFin's only outstanding Kangaroo according to KangaNews data, and the forthcoming tap will increase its volume from A$425 million (US$331.1 million).
Rentenbank (AAA/Aaa/AAA) priced an increase to its January 2025 Kangaroo bond on April 16. According to KangaNews data, the tap is the fifth increase of the line, which was introduced in July last year at a volume of A$200 million (US$151.8 million) and pricing of 62 basis points over Australian government bond (ACGB).
DBNGP Finance (DBNGP) (BBB-/Baa3), the financing entity of the Dampier to Bunbury Natural Gas Pipeline ownership group, has disclosed plans to update debt investors in Sydney and Melbourne in the week beginning April 20. The meetings' arrangers, Commonwealth Bank and National Australia Bank, say only that the company is "exploring funding opportunities across a range of markets".
South Australian Government Financing Authority (SAFA) (AA/Aa1) priced a new April 2025 benchmark select line via syndication on April 14.
Falling iron-ore prices – and a revised rating-agency projection of the future direction of Australia's key commodity export – caused a ratings impact on the state of Western Australia (WA) on April 14. Earlier the same day, eight global mining firms were also placed on negative credit watch by Standard & Poor's Ratings Services (S&P).
Shopping Centres Australasia Property Group (SCA Property) (Baa1) launched and priced its inaugural domestic deal on April 13, in the form of an indicative A$150 million (US$115.0 million), six-year, fixed-rate senior-unsecured issue, upsized to A$175 million. The deal priced inside of Indicative price guidance in the area of 150 basis points over semi-quarterly swap.
Activity picked up towards the end of the holiday shortened week, with three new transactions for a combined total of A$3.2 billion (US$2.5 billion). Meanwhile the Australian Office of Financial Management introduced its largest non-syndicated nominal bond line at A$2.0 billion on Friday.
On April 10, the Australian Office of Financial Management (AOFM) issued a new November 2020 nominal line via what the issuer says is the largest-ever tendered bond transaction in Australia. The introduction of the new benchmark also forms part of a key strategy for the debt-management agency.
On April 9, European Investment Bank (EIB) (AAA/Aaa/AAA) priced a new 10.5-year bond. The deal extends EIB's Kangaroo curve beyond its longest-dated maturity of August 2024.