NZ market hopeful Fonterra's NZ$800 million success will not saturate demand
The vibrant New Zealand corporate bond market hit a new peak on February 5 when Fonterra (A+/AA-) announced a firm allocation of NZ$800 million (US$412.88 million) in its 2015 domestic transaction. The very success of the trade – the largest corporate deal in New Zealand history – has raised questions of its own, with market participants expressing concern about secondary liquidity and the impact of such a large deal on ongoing primary demand.Rabobank increases unguaranteed bond on back of strong investor demand
A day after its A$600 million fixed and floating rate bond issue Rabobank Nederland (AAA/Aaa) (Rabobank) increased both the fixed and floating rate note (FRN) tranches by A$100 million each, to bring the total size of the fixed tranche to A$300 million and the FRNs to A$500 million. The increases priced at the same level as the inaugural bonds - 130 basis points over swap (fixed) and the bank bill swap rate (FRNs).
Rabobank prices first big non-guaranteed bank deal in Aussie market since October 2008
On February 3 Rabobank Nederland Australia Branch (Rabobank) (AAA/Aaa) proved that domestic investors have appetite to buy non-sovereign guaranteed bank bonds - albeit from the only bank in the world with a standalone triple-A rating.Westpac opens Samurai bond market with staggering size
On February 2 Westpac Banking Corporation (Westpac) (AA/Aa1) stunned the market with the biggest-ever Samurai bond issued by an Australian bank. The Australian major issued a total of ¥245.3 billion (US$2.7 billion) in Samurai and euro-yen format. The Samurai bond is the first to be issued in 2009 and is also the first ever sovereign-guaranteed Samurai bond.