Window closing for 2008 following NAB deal and offshore taps
After a hectic week as Australian bank issuers rushed to take advantage of the government guarantee for their bonds before the end of 2008, market participants say the window for further deals this year is rapidly closing with little prospect of deals after December 17 and a strong likelihood that any remaining activity will be in the form of taps to recent guaranteed deals.
TCorp's CIB buyback gets no takers [UPDATED]
New South Wales Treasury Corporation (TCorp) announced a buyback offer for up to A$35 million (US$23.41 million) of its capital-indexed bonds (CIBs) on December 16 as a routine means of facilitating liquidity in the securities, but the offer did not find any sellers and closed without activity.Guaranteed rush goes on with evidence of switching from semis
This week US$7.3 billion equivalent of government-guaranteed debt has been issued by five Australian banks with the only remaining member of the big four – National Australia Bank (NAB) – also launching a domestic transaction on December 12 with pricing to follow later in the day.