BP hops back to Kangaroos
BP returned to the Kangaroo bond market on Tuesday, issuing its second Australian dollar deal since its debut transaction last year. The UK oil and gas company is one of few foreign industrial companies to have issued Kangaroo bonds, but bankers expect several of its peers to debut in 2014.
Australia and New Zealand Bank and Commonwealth Bank of Australia priced the A$300m five year issue with a 4.75% coupon in line with guidance at 100bp over swaps.
Australian investors, hungry for corporate bonds, took 77% of the paper. About 60 domestic funds bought the paper, according to
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