Bankers insist SSA downgrades would not kill Kangaroo opportunities
Following its placement of several Eurozone sovereigns on to negative credit watch, Standard & Poor's has done the same with the triple-A ratings of 15 Kangaroo issuers – including the market's two largest borrowers,
European Investment Bank and
KfW Bankengruppe. However, intermediaries say they are confident that while downgrades might affect pricing they would not necessarily close the door to Kangaroo issuance.
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LGFA incorporated, rated and ready to borrow from February 2012
New Zealand's newest large-scale borrower, the Local Government Funding Agency (LGFA), was incorporated on December 7 after receiving its first confirmed ratings. The agency, which hopes to offer cost-effective debt funding to local councils across New Zealand, plans to commence bond issuance via a fortnightly tender process from February 2012.
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