No benchmark sought in TCV's A$500 million 2011 deal
The A$500 million new September 2011 issue completed by Treasury Corporation of Victoria (TCV) (AAA/Aaa) on February 24 was a one-off, private market trade and not the inauguration of a new benchmark, the issuer says. The deal's lead managers, ANZ and UBS Investment Bank, say it was based on reverse inquiry while TCV had a specific client position it wished to cover.TCorp to introduce three unguaranteed benchmarks by March [UPDATED]
New South Wales Treasury Corporation (TCorp) (AAA/Aaa) is taking an aggressive approach to moving away from federal government guaranteed funding, with the issuer announcing on February 24 that it will introduce three new unguaranteed benchmark lines by the end of March. The first of these new lines, the August 2013, will be brought to market via a A$750 million (US$669.98 million) tender on February 25.EUROFIMA's Kangaroo return nets a capped A$200 million [UPDATED]
In its first deal in the Kangaroo market since May 2008, on February 23 European rolling stock agency EUROFIMA (AAA/Aaa) priced a A$200 million (US$179.76 million) increase to its January 2014 line, which now has A$1.2 billion on issue. The issuer confirms that the deal was capped in size as it is a back-to-back funder.Another A$2.5 billion benchmark as QTC continues to keep options open
Despite the success of its second new unguaranteed benchmark deal of 2010 – in which the issuer priced A$2.5 billion of February 2020 bonds – Queensland Treasury Corporation (QTC) (AA+/Aa1) is still not ruling out future issuance under government guarantee before the scheme's year-end expiry. The new transaction priced at 16 basis points over swap on February 23.KfW reopens Kangaroo market as Euro concerns ease
The first Kangaroo transaction for nearly a fortnight priced on February 22 as KfW Bankengruppe (KfW) (AAA/Aaa/AAA) sold a A$250 million (US$225.2 million) increase to its May 2015 line, bringing the bond's total outstanding to A$1.25 billion. The deal priced at 82 basis points over the benchmark April 2015 Australian government bond, which ratesheet data indicates equates to around 40 basis points over swap.