Pricing conditions help widen investor base for state FRNs
The issuer of the largest floating-rate note (FRN) transaction issued by an Australian semi-government, Treasury Corporation of Victoria, says the investor base for its most recent deal was notably wider than was the case in previous such transactions. It also, unlike other FRNs issued by Australian states in recent times, saw a significant domestic bid.Deal and ratings review, week ending February 3 2012
More deal flow emerged in the Australian domestic market at the turn of the second month of the year, with a number of semi-government placements and the second transactions of 2012 from both the domestic corporate and high-grade Kangaroo sectors. Perhaps the most significant transaction, though, was the first domestic senior unsecured bank deal of the year.
KfW nets A$400 million in new 10-year Kangaroo [UPDATED]
KfW Bankengruppe (KfW) (AAA/Aaa/AAA) – so far the only supranational, sovereign and agency (SSA) Kangaroo issuer of the new year – priced its second Australian dollar transaction of 2012 on February 2. The deal, a 2022 maturity, is also the first new Kangaroo line to be introduced by an SSA borrower since November last year.Conditions coalescing for senior unsecured following Rabobank Australia deal
The issuer of Australia's first domestic senior unsecured bank deal of 2012, Rabobank Nederland Australia Branch (Rabobank Australia), says the transaction demonstrates the ongoing investor support for the asset class despite the recent issuance focus on covered bonds. While price discovery was challenging given the lack of recent comparable transactions, Rabobank Australia also says the February 2 tap to its April 2015 line attracted broad demand.