Australia
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Korea Development Bank moved to place the largest Korean Kangaroo earlier this week, a note that was also priced more tightly than any other Korean-issued Aussie dollar deal.
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UBS sold an Australian dollar additional tier one capital note on Tuesday, surprising those involved after it managed to shave 75bp off of its initial pricing guidance on the back of a A$4bn ($2.7bn) orderbook. Market participants expect more banks will now want to look at the Kangaroo market for capital issuance, with BNP Paribas having also launched an AT1 in the currency last month.
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The Asian Development Bank returned to the Kiwi dollar market to print its largest Kauri deal since January 2018 this week. With the Inter-American Development Bank and International Finance Corporation set to follow with a pair of taps in the coming days, bankers are expecting a busy few weeks in the market as investors react to the recent surprise interest rate cut from the Reserve Bank of New Zealand.
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Australian potash company Danakali will raise a $200m credit facility from lenders in Africa. The syndicated facility will go towards funding the planned Colluli potash project in Eritrea.
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The World Bank is preparing to reopen its 'blockchain offered new debt instrument', or bond-i for short, as it looks to market the Australian dollar deal to a more international audience.
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Lloyds Banking Group has returned to the Aussie dollar market for the first time since May 2018, offering investors the chance to invest in two tranches of senior debt at the operating company level. The issuer follows a wave of European and UK financial institutions making their way down under.
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London-listed Resolute Mining has agreed to buy Senegal’s Toro Gold for $274m, with the acquisitive company planning to turn to its syndicated lenders to refinance the bridge debt linked to the purchase.
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UBS and Citi trader Tom Hayes was jailed for 11 years for manipulating Libor. But while the trader argued that he was made a scapegoat for the financial crisis, perhaps the rate he rigged is a bigger victim.
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Credit Suisse has poached a Deutsche Bank veteran from Hong Kong to head its Australia business.
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As core markets in the northern hemisphere begin to cool, SSA issuers are looking towards an Australian dollar sector unaffected by the summer close.
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As the market prepares for Libors to end their run as the world’s most prevalent reference rates, there is growing support for the benchmarks to be reprieved.