Kiwibank to issue NZ$100 million of tier one perpetuals
In a March 10 announcement, Kiwibank (AA-) said it was "considering" making an offer of up to NZ$100 million (US$70.55 million) – with room for an upsize of up to a further NZ$50 million – of perpetual callable preference shares, which will provide the bank with tier one capital. Market sources say the transaction is likely to open in April with ANZ as lead arranger.IFC back in Australasia with Kauri pricing and more Kangaroo capacity [UPDATED]
Following a near four-month absence from Australian and New Zealand markets, on March 9 International Finance Corporation (IFC) (AAA/Aaa) added the pricing of a new five-year Kauri transaction to the A$1.1 billion (US$1 billion) new 2015 maturity Kangaroo it priced on March 3. The Kauri deal was for NZ$275 million (US$193.44 million) of March 2015 paper, and sold at a margin of 35 basis points to five-year government bonds or around 22 basis points over swap.Three sectors firing as Australian FI issuance kicks off
A revival of the Kangaroo market for financial institutions (FIs) and 2010's second domestic benchmark for a big four Australian issuer joined the continuing flow of guaranteed deals for smaller issuers as bank bond flow ramped up significantly through the week. On March 5, HSBC Bank (HSBC) (AA/Aa2/AA) priced the second FI Kangaroo in two days – and the third in three years – with its A$1.5 billion (US$1.35 billion) 2015 maturity.