Kangaroo covered bond welcomed with hopes for market development
- Friday, 08 October 2010
In a quiet week for Australian issuance the revival of the Kangaroo covered bond market was the clear highlight. In the wake of the first such trade since 2007 – Canadian Imperial Bank of Commerce (CIBC)'s (A+/Aa2, with a covered bond rating of AAA/Aaa/AAA) A$750 million (US$737 million) three-year – investors and intermediaries say they expect the market to prosper on the back of expected sustained demand from, in particular, bank buyers.
