Kauri spreads rally with Rentenbank's new 2014 pricing

On September 14 Rentenbank (AAA/Aaa/AAA) priced a new NZ$100 million (US$69.8 million) September 2014 Kauri bond, at 32 basis points over mid-swaps. This is the first Kauri deal priced since the end of July and Dean Spicer, head of debt capital markets New Zealand at lead manager ANZ, says the pricing level is evidence of the compelling rally in supranational, sovereign and agency (SSA) spreads in the last couple of months.