Second Australian airport seeks wrapped bond replacement deal
Sydney Airport Corporation (Sydney Airport) (BBB/Baa2/BBB) has announced plans to explore the possibility of refinancing a pair of credit-wrapped domestic bonds maturing in November 2011 and December 2012 with new, unwrapped paper. The issuer plans to meet investors in Melbourne and Sydney on May 5 and 6 before committing to the replacement offer.
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Telstra to update investors ahead of potential Kauri issue
Telstra (A/A2/A) has announced it will present to investors on April 30 ahead of a potential Kauri bond issue. The presentation, which is being arranged by BNZ, Commomwealth Bank of Australia and Westpac NZ, will be made to both domestic and offshore investors. Telstra, which has NZ$255 million (US$183 million) outstanding in two Kauri maturities having last issued in 2008, will use the proceeds of any deal to pay down New Zealand dollar commercial paper.
Kangaroo market development attracts EDC roadshow
Export Development Canada (EDC) (AAA/Aaa) is the second agency roadshowing in Australia this week with the intention of becoming a regular Kangaroo issuer. The non-deal roadshow began in Brisbane on April 19 before heading to Melbourne and Sydney, with the issuer saying the maturing Kangaroo market now offers more consistent borrowing prospects.
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Growing demand drives Aussie high-grade, domestic funds demand credit
Broad-based demand for high-grade product denominated in Australian dollars – from both local and international buyers – drove hefty issuance in the week to April 23. Appetite was also strongly focused on long-dated paper: two Kangaroo deals of nine-year or longer tenor priced and the week's sole corporate transaction was a five-year deal, with credit investors once again expressing their willingness to go longer.
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New Zealand DMO closer to inflation-linked return as demand grows
Demand for New Zealand inflation-linked product is bringing the New Zealand government closer to issuing in this format for the first time in more than 10 years, with an announcement possibly coming as early as May 20 when the national budget is released. The news comes after Transpower Finance (Transpower) (AA/Aa3) launched New Zealand's first corporate inflation-linked bond on April 19, with a minimum size of NZ$75 million (US$53.3 million).
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