Investors welcome return of FI Kangaroos as J.P. Morgan prints a billion
J.P. Morgan Chase (A+/Aa3/AA-), prised open the funding window for financial institutions (FIs) in the Kangaroo market on 4 March, pricing a five-year A$1 billion (US$901.6 million) benchmark. The transaction, which was launched on 3 March, is the first from a US FI since the same issuer sold A$950 million of fixed and floating rate five-year notes at 20 basis points over swap in June 2007.
Two more US Kangaroos as IFC prices A$1.1 billion and IADB launches
International Finance Corporation (AAA/Aaa) achieved a significant upsize in the inauguration of its third Kangaroo line on March 3, eventually pricing A$1.1 billion (US$995.61 million) in its new March 2015 from a minimum size at the previous day's launch of A$500 million. Although this is IFC's first Kangaroo of the year it has now priced at least A$1 billion in each of the three years since its 2008 Kangaroo debut.
Domestic bid predominates in ADB's new 2020 Kangaroo
The A$600 million (US$532.38 million) new 10-year Kangaroo transaction closed on February 25 by Asian Development Bank (ADB) (AAA/Aaa/AAA) saw the majority of bonds placed with domestic investors. The RBC Capital Markets (RBCCM) and UBS Investment Bank-led transaction priced at 78 basis points over April 2020 Australian government bonds or around 27 basis points over semi-annual swap.BOQ brings A$1 billion guaranteed 2015 to secure term
Bank of Queensland (BOQ) (BBB+/A2/BBB+) says the A$1 billion (US$897.5 million) government guaranteed March 2015 transaction it priced on March 1 will help term out the issuer's maturity profile in an environment where unguaranteed tenor continues to be harder to achieve. The fixed- and floating-rate deal priced at 79 basis points over government securities or 35 basis points over bank bill swap rate.