NIB taps 2015 by NZ$100 million in second Kauri of 2009 [UPDATED]
The second Kauri deal in a week was priced on June 9 as the Nordic Investment Bank (NIB) (AAA/Aaa) increased its 2015 line by NZ$100 million (US$61.85 million), bringing the total amount on issue in that maturity to NZ$200 million and bringing NIB’s total outstanding Kauri volume to NZ$850 million.EIB hoping for longer-dated Kangaroos after 2014 tap
Having increased the size of its new 2014 maturity Kangaroo bond to A$1 billion (US$800 million) on June 4, the European Investment Bank (EIB) (AAA/Aaa/AAA) says it is looking at a minimum term of five years for Kangaroo issuance but that demand is only starting to fall into place for longer-dated securities.CEB's NZ$150 million five-year reopens Kauri market
A new 2014 maturity priced by Council of Europe Development Bank (CEB) (AAA/Aaa/AAA) on June 3 reopened the Kauri market for 2009, becoming the first deal in the market since November last year. The NZ$150 million (US$97.95 million) 2014 bond priced at 31.5 basis points over government bonds, which rate sheet data suggests equates to mid-50s basis points over swap.CommBank's US$2 billion shows offshore markets still hungry for guarantee
Commonwealth Bank of Australia (CommBank) (AA/Aa1/AA) priced a total of US$2 billion of three-year fixed and floating rate bonds on June 3 under the Australian government guarantee, with the issuer saying strong demand for guaranteed product among offshore investors continues to make it a more attractive source of funds than unguaranteed deals.
Westpac leads domestic issuance in guaranteed and non-guaranteed format
On June 2 Westpac Banking Corporation (Westpac) (AA/Aa1/AA-) topped up its July 2012 fixed and floating rate non-guaranteed bonds to bring the total on issue in this maturity to A$2 billion (US$1.6 billion). The A$50 million of fixed rate and A$250 million of floating rate bonds priced at 120 basis points over the bank bill swap rate (BBSW) and swap.