Kangaroos only sold into domestic bond market

In the domestic market, Inter-American Development Bank and Asian Development Bank were the largest issuers, while it was the latter and Landwirtschaftliche Rentenbank that opened the only new lines - all other issues were fungible with existing lines.

In the first week of the year, IADB added A$750 million, at 23 basis points over swap, to its May 2014 line to take outstandings to A$1.75 billion. Last week, it added a further A$150 million, at 38 bps over swap, to its August 2019 line to take outstandings to A$725 million.

Other issuers in the first week of the year were KfW, European Investment Bank and Rentenbank.

KfW added A$350 million, at swap plus 50 bps, to its December 2019 line taking outstandings to A$650 million. And last week, it added A$300 million to its August 2013 line. The top-up, priced at swap+28 bps, takes outstandings to A$1.0 billion.

At 38 bps over swap, EIB added A$450 million to its August 2019 line, taking outstandings to A$2.1 billion; and Rentenbank added A$200 million to its July 2014 line, now sized at A$1.2 billion.  Rentenbank also issued A$300 million of three-year bonds at 35 bps over swap, last week.

ADB issued A$1.0 billion of five-year bonds at 27 bps over swap, last week, while Council of Europe Development Bank added A$250 million to its September 2014 line, at 38 bps over swap, and Kommunalbanken added A$275 million, at swap plus 55 bps, to its October 2014 line. The CoE and Kommunalbanken top-ups took outstandings to A$750 million and A$625 million, respectively.