Banks busy in Kangaroos

By Frank Jackman
27 May 2020

Banks are bounding back into the Kangaroo market. On Wednesday, BNP Paribas jumped in to sell the first syndicated Australian dollar senior non-preferred deal since the start of the Covid-19 crisis, later that day the Bank of Nova Scotia announced plans to join the fray with a mandate for a three year bail-inable deal.

On Tuesday, BPCE sold A$650m ($428.8m) of non-bail-inable Kangaroo debt while earlier this month UBS, Credit Suisse and Macquarie sold domestic deals.

“As the market comes back from hiatus and gets into deal mode, a competitive bid tone develops,” said the banker. “Given the momentum ...

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