ING Australia caps guaranteed deal at A$2 billion after rapid bookbuild
The government guaranteed March 2015 bond priced by ING Bank Australia (ING Australia) (A+) on February 18 was capped at A$2 billion (US$1.79 billion) with significant oversubscriptions on the back of heavy demand for the soon-to-disappear guaranteed asset class. The deal was for A$1 billion each of fixed and floating rate paper with pricing of 33 basis points over swap and bank bill swap rate respectively.
ASX hopeful and active on listed bond market development
The Australian Securities Exchange (ASX) is active in moves to develop Australia's listed bond market for both sovereign and corporate issuers according to the exchange's managing director and chief executive, Robert Elstone. It is also hopeful that the federal government will eventually decide to facilitate retail access to sovereign debt and that this will, in turn, help pave the way for corporate issuance.Eurozone SSA Kangaroos feel valuation impact of bailout speculation [UPDATED]
Concerns over eurozone sovereign risk have affected relative valuation of supranational, sovereign and agency (SSA) Kangaroo bonds but market participants say the pricing moves have not come accompanied by major secondary flows. And with European Investment Bank (EIB) (AAA/Aaa/AAA) insisting it will not be used as the funding vehicle for any European sovereign bailouts, there are also hopes that market jitters will calm.KBN's FRN increase increase prices tighter than inaugural trade
The increase to Kommunalbanken Norway (KBN)'s (AAA/Aaa)'s February 2013 floating rate notes (FRNs) that priced on February 10 priced at 35 basis points over the bank bill swap rate (BBSW), compared with 43 basis points over BBSW when the line was inaugurated on January 28.