Rentenbank adds A$350 million to Kangaroo FRN
In a late finish to activity on January 27, Rentenbank (AAA/Aaa/AAA) tapped its January 2013 Kangaroo floating rate note (FRN) by A$350 million (US$313.18 million) long after the close of business. The increase brings the outstanding size of Rentenbank's FRN – which was first brought to market on January 14 this year – to A$650 million and aggregate Kangaroo issuance for the month to A$5.975 billion.Change of ownership shares gives more state control at NRW.BANK
The state development bank of North-Rhine Westphalia (NRW), NRW.BANK (AA-/Aa1/AAA) – which has A$300 million (US$271.65 million) outstanding in its only Kangaroo line – has announced a change in ownership structure which will bind bank and state more closely together. The state has increased its equity share to 98.9 per cent from 64.74 per cent while the shares of the Regional Associations of the Rhineland and Westphalia-Lippe have dropped to 0.7 percent each from 17.63 percent.RMBS confidence continues to build following AMP Bank deal
Lead managers on the first Australian residential mortgage-backed security (RMBS) issue of 2010 – AMP Bank's A$1 billion (US$902.8 million) Progress Trust 2010-1 (Progress 2010-1) transaction that priced on January 22 – say the market has picked up where it left off late last year in terms of returning confidence. A healthy pipeline of deals is predicted, as well as the return of offshore currency issuance by Australian firms.IADB gets A$500 million in third Kangaroo of 2010
Inter-American Development Bank (IADB) (AAA/Aaa/AAA) priced its third Kangaroo deal of the month on January 22, selling A$500 million (US$451.15 million) in a new May 2013 line at 60 basis points over government bonds or 15 basis points over swap. Having already issued A$900 million of Kangaroo paper this year – both of them increases to existing lines – IADB's new deal makes it the biggest Kangaroo issuer of 2010.