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Australian dollar

  • FIG
    Canadian Imperial Bank of Commerce issued its second Australian dollar deal of the year on Thursday. The senior unsecured short-term debt is not subject to Canadian bail-in regulation.
  • Syndicate bankers are expecting Kangaroo issuance to wane as the Japanese market shuts down this weekend for an extended holiday and Australia’s inflation outlook worsens.
  • The Inter-American Development Bank (IADB) priced its inaugural Kangaroo EYE bond this week. This issue was the product of more than four years of promoting the bond programme to domestic Australian investors, said Laura Fan, principal funding officer at the IADB.
  • A series of modest taps at the long end of the Australian dollar curve at the end of last week suggests that what has been a quiet market for Kangaroo bonds could soon spark into life, according to SSA funding officials.
  • Regular Kangaroo issuer Daimler came to the market on Thursday with its first Australian dollar issuance of 2019. Through its Australian entity, Mercedes-Benz Australia/Pacific, Daimler sold an A$150m ($106.2m) 2.5% March 2022 unsubordinated bond.
  • Both Kommunalbanken (KBN) and the International Finance Corporation (IFC) came to the Kangaroo market this week. A need for long dated Australian dollar paper from Japanese investors drove the deals.
  • Taps in Oceanic currencies flowed freely this week as two supranationals raised funds in the Kangaroo and Kauri markets.
  • The Kangaroo bond market’s recent bounce kept pace this week as Asian Development Bank on Tuesday raised an additional A$100m ($71.6m) with a tap of an existing A$250m issue. Bankers are confident that more supply could follow.
  • Investors were keeping cash from the private debt markets this week, though borrowers that have a definite issuance plan have been able to continue with their strategies.
  • China Merchants Loscam has closed a $302m dual-currency club loan, making a comeback to the offshore market after a five-year absence.
  • An A$500m ($355m) Kangaroo bond from the Export-Import Bank of Korea on Tuesday reaffirmed Australian dollar investors’ appetite for high quality credits from South Korea, amid a fall in global issuance volume in the currency this year.
  • Bank Nederlandse Gemeenten (BNG) is keeping a close tab on the Kangaroo bond market, following the sale of a curve-extending euro bond this week that is likely to complete the issuer’s benchmark funding for 2018.