Wells Fargo deal likely to be followed by more Kangaroo FIs, leads say
Conducive pricing, a positive market tone and a desire for diversity in Australian dollar investments are likely to prompt more international financial institutions (FIs) to follow Wells Fargo into the Australian market in the near future, the US bank's lead managers say. Wells Fargo priced A$900 million (US$949.2 million) in a new five-year Kangaroo issue on January 17, at a margin only just wider than domestic major bank issuance.
Positive global risk tone should sustain Kangaroo issuance revival [UPDATED]
Positive sentiment in global markets enabled an early-year flurry of Kangaroo issuance, which saw A$2.225 billion (US$2.35 billion) price in six deals in the first full week of the year. Diverse demand pools are likely to facilitate issuance of both mid- and long-tenor deals, from a greater range of issuers. However, with rare exceptions Australian investors continue to play no more than a complementary role in supranational, sovereign and agency (SSA) Kangaroos.
2012 league table review: ANZ leads in Australia and New Zealand
KangaNews's final intermediary league tables for 2012 illustrate another good year for ANZ as a lead manager, as the bank led the pack for both Australian and New Zealand dollar bond issuance. Sectoral league tables – which, for the first time, include covered bond and retail-accessible issuance tables – feature market leadership from banks including ANZ, National Australia Bank (NAB), TD Securities (TD) and UBS Investment Bank (UBS).
Australian government drafts legal changes simplifying vanilla retail issuance
The Australian Commonwealth government released an exposure draft of amendments to the Corporations Act on January 11, designed to streamline the offering process for "simple" corporate bonds. As expected the draft proposes a two-part prospectus regime and changes to personal liability rules for company directors, while leaving much of the detail of the prospectus setup to regulators.
KangaNews launches intermediary league tables for Australian retail deals
KangaNews is proud to announce the launch of its latest set of intermediary league tables: the AUD Listed Debt League Tables. Early in what turned out to be a busy year for retail-accessible issuance in Australia, market participants asked KangaNews to expand its existing suite of league tables to recognise the work of intermediaries in bringing such transactions to market. The AUD Listed Debt League Tables are the product of KangaNews's work in this area.