Offshore names continue to eye Aussie covered bonds as Dexia visits
Dexia is in the process of updating Australian investors during the borrower's first visit to Australia since 2005, with the firm saying it hopes to be able to transact in the market in 2011. Dexia has previously sold triple-A rated Kangaroo covered bonds via its Dexia Municipal Agency (Dexia MA) entity, with A$1.52 billion (US$1.47 billion) of that paper currently outstanding in five maturities.
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NAB completes buyback of A$730 million of guaranteed 2012s [UPDATED]
On December 8, National Australia Bank (NAB) (AA/Aa1/AA) completed an offer to buy back its March 2012, government-guaranteed fixed and floating rate line, having successfully retired A$730 million (US$718 million) of paper. Investors were offered a buyback price of swap flat, compared to the margin of 60 basis points over swap and bank bill swap rate (BBSW) when the bonds were originally priced in March 2009.
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