World Bank pleased with domestic bid in new Kangaroo [UPDATED]
World Bank marked its return to the Kangaroo market after a year-long absence with a higher proportion of domestic demand in the shorter-dated of the two tranches than has generally been the case in Kangaroos in 2012. The issuer says it was pleased to achieve the volume of demand – A$1.05 billion (US$1.1 billion) in total – the transaction attracted, which enabled an upsize of A$450 million across both tranches.Deal and ratings review, week ending February 24 2012
Australian deal flow has remained subdued although issuance came from a number of sectors, including a syndicated Commonwealth government inflation-linked issue and the return of an Asian bank to the domestic market via its Sydney branch. In ratings actions, Fitch Ratings downgraded three of the Australian majors to equalise all the big four ratings at AA- stable.