High spread spells success for BofA Merrill Kanga
Bank of America Merrill Lynch sold its first Kangaroo bond in nearly three years on Tuesday, pricing a five year dual tranche benchmark during the Sydney day. Investors rushed to pick up the paper, attracted by the high yields on offer and the issuer’s rarity in Australian dollars.
ANZ, BofA Merrill, NAB and Westpac priced the A$425m 4.5% August 2018 fixed rate tranche at 142bp over swaps, tightened from guidance in the 145bp area.
The leads also sold a A$425m August 2018 note with a coupon of 142bp over quarterly BBSW, also tightened from guidance in the
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