Goldman Kanga stands in JP Morgan’s shadow
Goldman Sachs returned to the Australian dollar market on Tuesday after an eighteen month absence, bringing a A$600m ($622.89m) dual tranche fixed and floating rate Kangaroo bond. While bankers on the trade were pleased with the level of granularity in the orderbook, others said the deal suffered from comparison to a similar deal brought by JP Morgan last month.
Lead managers Commonwealth Bank of Australia, Goldman Sachs and National Australia bank priced a A$350m 5.25% November 2017 tranche at 195bp over asset swaps. They priced a A$250m floating rate tranche with the same maturity at par, to yield 195bp over asset swaps.
The deal was sized roughly
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