Kauri spreads rally with Rentenbank's new 2014 pricing
On September 14 Rentenbank (AAA/Aaa/AAA) priced a new NZ$100 million (US$69.8 million) September 2014 Kauri bond, at 32 basis points over mid-swaps. This is the first Kauri deal priced since the end of July and Dean Spicer, head of debt capital markets New Zealand at lead manager ANZ, says the pricing level is evidence of the compelling rally in supranational, sovereign and agency (SSA) spreads in the last couple of months.
Aussie banks cashing in as end of guaranteed era approaches
The two biggest funders in the Australian banking market have continued to take advantage of opportunities to issue government guaranteed debt offshore, with record-sized deals coming just before the US Federal Deposit Insurance Corporation reaffirmed plans to withdraw the debt guarantee portion of the local Temporary Liquidity Guarantee Program under any but the most punitive conditions.