Credit Suisse Sydney prices a A$600 million FRN in second domestic of 2010 [UPDATED]
The Australian market for international banks continues to burn white hot with the August 31 pricing of a new five-year transaction from Credit Suisse Sydney Branch (Credit Suisse Sydney) (A+/Aa1/AA-). The deal is the issuer's second-ever Australian bond, following the pricing in March this year of A$1.1 billion (US$992 million) of four-year paper, at 120 basis points over swap.Macquarie University upsizes debut bond deal to A$250 million [UPDATED]
In the first non-inflation linked domestic bond issue from an Australian higher education institution since 2006, on August 31 Macquarie University (Aa2) priced a new 10-year transaction. The issuer upsized the deal to A$250 million (US$223.35 million) from a launch minimum of A$200 million, retaining the indicative pricing of 170 basis points over swap.
State panels continue to grow as BAML and BarCap become QTC dealers
In a further sign of the growing interest of international intermediary banks in the Australian semi-government sector, Bank of America Merrill Lynch (BAML) and Barclays Capital (BarCap) have been added to Queensland Treasury Corporation (QTC)'s fixed interest distribution group. Earlier this month, New South Wales Treasury Corporation (TCorp) expanded its own dealer groups with the addition of BNP Paribas.Taking the corporate bond pulse in Australia and New Zealand
Issuers and investors agree that developments in the Australian corporate bond market over the past year have been broadly positive, with increased communication between the buy and sell sides greeted as a particularly significant breakthrough. And while issuance still has significant ground to make up there is a strong consensus that the market has started heading in the right direction.