Real money appetite strong for FIs as Rabobank completes longer-dated AUD and NZD deals
On April 13 Rabobank Nederland Australia Branch (AAA/Aaa) and Rabobank Nederland New Zealand Branch (AAA/Aaa) priced seven-year deals simultaneously in the domestic Australian and New Zealand markets. The issuer and intermediaries agree that the deals reveal a strong underlying level of demand for financial institution (FI) paper, particularly from fund managers.Domestic issuance surges as Kangaroos and NZ drop off record pace
The Australian domestic bond market saw record issuance in the first quarter, with consistent volumes of more than A$5 billion (US$5.3 billion) pricing in each of the first three months of the year. By contrast, a sluggish March saw Kangaroo issuance fall away from the record volumes placed in January and February, while the New Zealand domestic market – although matching last year's deal flow – is also well short of its peak.Rabobank New Zealand issues new NZD 2018 FRN
On April 13 Rabobank Nederland New Zealand Branch (AAA/Aaa) priced a new NZ$250 million (US$197.6 million) April 2018 floating rate note (FRN), at 145 basis points over three-month FRA. This follows the pricing of a A$600 million fixed rate April 2018 deal issued by Rabobank Nederland Australia Branch (AAA/Aaa) on the same day.
QIC Shopping Centre Fund completes first domestic deal in almost six years [UPDATED]
QIC Shopping Centre Fund (A-) launched and priced a new domestic issue on April 15, achieving a target volume of A$200 million (US$211.1 million) for the July 2014 maturity. The deal priced at 125 basis points - slightly tighter than the indicative level of 130 basis points over swap.WRT deal smashes records as domestic corporate market prospects look promising
Intermediaries and investors alike agree that Westfield Retail Trust (WRT)'s (A+) inaugural transaction provides further positive impetus to the Australian corporate bond market, with continuing improvements in tenor, volume and pricing encouraging issuers to stick to their home market. Prospects for the corporate sector overall look promising, with this year's issuance volume already nipping at the heels of 2010's figure.