TCorp takes A$1.55 billion in new bookbuilt 2018 [UPDATED]
New South Wales Treasury Corporation (TCorp) (AAA/Aaa/AAA) closed its A$1.55 billion (US$1.55 billion) new February 2018 benchmark bond line on February 1. The transaction – which will be TCorp's first new issue following its mid-year funding programme update – was conducted via bookbuild and was significantly oversubscribed. It priced at 49 basis points over the January 2018 government bond.Domestic investor appetite strong as corporate market gears up for 2011
With the Australia Day holiday halting the market mid-week, the only recent issuance activity in Australia was a Kangaroo launch by KfW Bankengruppe (AAA/Aaa/AAA). However, with the first domestic corporate bond of 2011 pricing unusually early in the year last week, many fund managers say they are waiting for the opportunity to snap up more paper from that sector.