Kangaroo deal flow recommences as Rentenbank completes 2016 tap [UPDATED]
Rentenbank (AAA/Aaa/AAA) priced a A$200 million (US$215.4 million) increase to its January 2016 Kangaroo line on May 9, in what is the first Kangaroo transaction in almost a month. The tap adds to a line which was inaugurated in January this year, at a volume of A$375 million in the fixed rate tranche and A$425 million in the floating rate note (FRN). The FRN was subsequently increased in February, with the total line size now at A$1.2 billion.Westpac continues post-reporting bank flow with new 2016
Westpac Banking Corporation (Westpac) (AA/Aa1) launched a new May 2016 domestic issue on May 6, in what will be the second transaction to come from a major Australian bank this week. The deal will be Westpac's second public transaction of 2011, and is expected to price on the same day as launch.TCV announces 2011/12 funding programme of A$6.6 billion
The first state budget of 2011 has been handed down, with the Victorian update necessitating Treasury Corporation of Victoria (TCV) (AAA/Aaa) to increase its funding programme to A$6.6 billion (US$7.1 billion) for the 2011/12 financial year – from a 2010/11 requirement of A$5.85 billion. The agency tells KangaNews it will continue to pursue long-dated domestic issuance while also monitoring opportunities in offshore markets.Corporates chasing US issuance despite improving domestic conditions
Australia's domestic market slowly started to regain momentum in the first week in May with the completion of two bank deals. However, recent deal flow also demonstrates that, while domestic corporate bond issuance has reached new heights since the beginning of the year, the US alternative continues to offer certain issuers more favourable opportunities for funding in terms of tenor, volume and pricing, resulting in the first true corporate transactions after the holidays being placed offshore.BOQ completes first public deal of 2011 in LTII format [UPDATED]
On May 5 Bank of Queensland (BOQ) (BBB+/A2/BBB+) issued a A$200 million (US$214.8 million) 10-year, non-call five lower tier two (LTII) domestic bond issue. The transaction – which is the first domestic public bond issue in senior or subordinated format to come from an Australian regional bank this year – priced in line with guidance, at 375 basis points over the bank bill swap rate (BBSW).