Lloyds debuts in Kangaroo market with holdco
Lloyds Bank debuted its first ever Australian dollar bond through its senior holding company on Wednesday. As growing numbers of foreign lenders are drawn to the Australian currency — a consequence of the high rates relative to other markets and a buoyant economy — there is a growing incentive for international borrowers to place bonds down under.
Leads ANZ, NAB, Nomura, TD Securities and Westpac opened books on Tuesday morning, Sydney time, offering lenders 5.5 year Kangaroo notes. Initial guidance for the fixed or floating rate March 2023 bonds was in the area of mid-swaps plus 130bp, or 130bp over BBSW.
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