BNG ups 2010 Kauri by NZ$100 million
Bank Nederlandse Gemeenten (AAA/Aaa/AAA) (BNG) increased its 2010 Kauri bond by NZ$100 million (US$80.48 million) on March 28, bringing the total outstanding in the line to NZ$350 million.ICO prices 2011 tap despite basis swap fluctuations [UPDATE]
Following a 10-day lull in Kangaroo issuance around the Easter holiday, exacerbated by a highly volatile AUD basis swap market, Instituto de Crédito Official (AAA/Aaa/AAA) (ICO) reignited the primary market with a March 28 tap of its 2011 line.Bear Stearns woes affect A$3 billion-plus Roos
The bailout of Bear Stearns (BBB/Baa1/A-) by J.P. Morgan Chase (AA-/Aa2/AA-) (J.P. Morgan) will have a direct impact on over A$3 billion (US$2.76 billion) of Kangaroo bonds from the two issuers, although Bear Stearns' paper may emerge from the trauma with an upgraded rating.