CFS Retail upsizes to A$450 million across two maturities [UPDATED]
On October 20 CFS Retail Property Trust (CFS Retail) (A) issued a new domestic deal across two maturities, pricing A$160 million (US$155.9 million) in a 3.5-year floating rate note (FRN) and A$290 million in a 5.5-year fixed rate maturity. The FRN priced at the predicted 160 basis points over bank bill swap rate (BBSW), while the fixed rate paper priced slightly tighter than the expected 190 basis points at 185 basis points over semi-swap.Investec Australia closes guaranteed 2012 buyback at A$195 million
Investec Bank Australia (Investec Australia) (Baa1/BBB) completed a buyback offer on its February 2012 Australian government-guaranteed bond line on October 25 having repurchased A$195 million (US$192.1 million) of paper. Final volume represents almost the entirety of the A$200 million floating rate tranche of the line, which also has A$200 million outstanding in fixed rate format.QTC issues A$1.6 billion in new 2015 in switch from government-guaranteed line [UPDATED]
Queensland Treasury Corporation (QTC) (AA+/Aa1) issued a new A$1.6 billion October 2015 benchmark maturity via syndication on October 15. The new line was offered via a consolidation offer from the outstanding October 2015 benchmark; the new line is covered by state guarantee only while the existing bond carries the Australian government guarantee.Strong AUD just one of many factors limiting issuance
Kangaroo issuance – already at a record level in 2010 – has exhibited an inverse relationship with the Australian dollar in recent weeks with deal flow easing as the currency has appreciated to the point where it is flirting with US dollar parity. However, Kangaroo market intermediaries say the almost unprecedented strength of the currency, taken alone, is too simple an explanation for reduced deal flow.
TCV extends benchmark curve with A$755 million new 2024 line
The margin over government bonds paid by Treasury Corporation of Victoria (TCV) (AAA/Aaa) in the October 13 tender of its new December 2024 benchmark line was marginally wider than levels predicted by analysts in advance of the listing. TCV placed a total of A$755 million (US$743.7 million) of the new bond, A$512 million in an initial tender and a further A$243 million through a consolidation of outstanding lines dated beyond 2018.