Preferred paper preferred on BPCE Kangaroo

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By Frank Jackman
14 Apr 2021

Demand for BPCE's latest Kangaroo note was skewed towards the preferred senior format this week, with non-preferred paper only making up A$125m ($96.0m) of the A$750m deal. The French firm was also joined in the market by Rabobank, which sold its first Aussie deal after an almost two year absence.

As some jurisdictions in core Kangaroo geographies, like those Taiwan and Japan, impose higher capital charges on non-preferred paper, most of focus falls on the preferred format given the larger potential investor base, said a banker at one of the leads.

“Japan has a slightly stricter capital treatment ...

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