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On June 2 Westpac Banking Corporation (Westpac) (AA/Aa1/AA-) topped up its July 2012 fixed and floating rate non-guaranteed bonds to bring the total on issue in this maturity to A$2 billion (US$1.6 billion). The A$50 million of fixed rate and A$250 million of floating rate bonds priced at 120 basis points over the bank bill swap rate (BBSW) and swap.
The Australian Office of Financial Management will make two further rounds of investments into residential mortgage-backed securities (RMBS) as it approaches the completion of its total A$8 billion (US$6.48 billion) allocation, having announced the penultimate pair of trades it will support as part of its current RFP on June 2.
On May 28 over 250 parties with an interest in the Australian corporate bond market met in Sydney in an event hosted by ANZ Banking Group (ANZ), Commonwealth Bank of Australia (CommBank), National Australia Bank (NAB) and Westpac Institutional Bank (Westpac), to discuss the means by which a revival in local corporate issuance can be stimulated.
On May 28 KfW Bankengruppe (KfW) (AAA/Aaa/AAA) launched its third Kangaroo transaction in just over a month, announcing a new five-year bond with indicative pricing of 75 basis points over mid-swap. The A$400 million (US$312.44 million) minimum transaction will also be the first new Kangaroo line from an agency issuer in 2009.