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Increased domestic issuance was not enough to dislodge RBC Capital Markets (RBCCM) from top spot in KangaNews's combined Kangaroo and Australian domestic intermediary league table, although Commonwealth Bank of Australia (CommBank)'s presence on the top line of Royal Bank of Scotland Australia Branch's local debut solidified its position in third place.
Royal Bank of Scotland Australia Branch (AA/Aaa/AA) (RBS Australia), priced its first domestic deals, a two-year A$700 million (US$672.56 million) FRN and a three-year A$425 million two-tranche bond, on May 29.
Bank of Queensland (BBB+/A2/BBB+) (BOQ) priced a A$170 million (US$163.42 million) 10NC5 subordinated bond on May 29 – the first subordinated transaction from one of Australia's regional banks since the credit crisis.
Merrill Lynch (A+/A1/A+) (ML) has held an investor update in Australia, and while no deal is expected in the coming days sources say the market is inching closer to the return of offshore financial institutions with investor interest continuing to pick up.
Dominant market share in the Kangaroo sector has propelled RBC Capital Markets (RBCCM) to top spot in KangaNews's first combined Kangaroo and Australian domestic intermediary league table, excluding self-led deals.