Kiwibank nets A$250 million in first FI Kangaroo since 2007
Kiwibank (AA-) priced the first financial institution (FI) Kangaroo bond for over two years on October 15, selling A$250 million (US$228.15 million) of fixed rate, five-year notes at a margin of 42 basis points over bank bill swap rate (BBSW). The bonds are covered by the New Zealand government guarantee and are rated AA+/Aaa/AAA in line with the sovereign's foreign currency credit ratings.
Aussie names in the frame as Maple market takes first steps back
The settlement of its C$300 million (US$292.88 million) 3.625 per cent five-year deal on October 14 means Commonwealth Bank of Australia (AA/Aa1/AA) has successfully issued just the second Maple bond of 2009 – the first with a fixed coupon. However, TD Securities (TD), which lead-managed both Maples, says it is too early to call a revival of the market and anticipates it will take a while for sovereign, supranational and agency (SSA) issuers to make a comeback.