IFC discusses Kangaroo strategy following record-volume return
On July 27 International Finance Corporation (IFC) (AAA/Aaa) issued its first Kangaroo deal of 2011 with a new A$1.25 billion 5 per cent August 2016 bond and A$250 million of 2016 floating rate notes. The A$1.25 billion fixed rate tranche is the biggest Kangaroo deal issued since World Bank issued a A$1.5 billion 5.75 per cent 2015 bond in February 2010.Rentenbank taps April 2018 Kangaroo for A$500 million [UPDATED]
Rentenbank (AAA/Aaa/AAA) issued a A$500 million (US$551.9 million) increase to its April 2018 Kangaroo line on July 28, in what was the agency's first Kangaroo transaction in almost three months. It was the first tap to the line, which was inaugurated in April 2011 at a size of A$250 million.Carbon tax to be inflationary, but rated corporates likely to be resilient
In the two weeks since details of Australia's forthcoming carbon tax were announced, strategists have broadly concluded that the tax will be manageable for both directly-affected businesses and the wider economy. With some sectors expected to benefit from the new scheme, some economists say the net result could be neutral or even positive for GDP growth – though they also foresee a larger-than-projected inflationary impact.Borrowers seize windows of issuance opportunity as instability continues
What began as another quiet week in the Australian primary bond markets evolved into moderate deal flow across various sectors towards the end of the week. With a number of issuers reporting significant levels of reverse enquiry, sizeable issuance continues to be achievable as offshore interest in Australian dollar product appears strong.CommBank returns to domestic market with July's first big four benchmark [UPDATED]
Commonwealth Bank of Australia (CommBank) (AA/Aa2/AA) launched and priced a new A$2.5 billion (US$2.7 billion) five-year deal on July 21 in what was the first domestic benchmark transaction from a big four bank since mid June. The self-led deal was also the issuer's first transaction in the domestic market since January 13, when it priced A$2.5 billion of July 2015 notes at 105 basis points over swap.