Seven-year bonds feature in busy week
It was a hectic week for both domestic issuers and for Kangaroo bonds, with several seven-year term deals made.In the largest deal of the week, QTC raised a huge A$4 billion via a February 2018 bond at a spread of 57 basis points over Australian January 2018 bonds.KfW priced a $500 million fixed rate Kangaroo, due February 2018, at a spread of 88.25 basis points over January 2018 bonds, while Dutch semi-public finance provider Bank Nederlandse Gemeenten priced a $200 million March 2018 Kangaroo at a spread of 118.5 basis points over January 2018 bonds.In New Zealand, ANZ National issued NZ$250 million via five-year and seven-year medium-term notes. The February 2016 notes were issued at a yield of 6.315 per cent, while the February 2018 notes were issued at 6.85 per cent.Among other major Kangaroos, Austria's export credit agency, Oesterreichische Kontrollbank AG, priced its inaugural five-year Kangaroo February 2016 bond at 84.5 basis points spread over Australian 4.75 per cent June 2016 bond. The issue raised $350 million.In another big local issuance, Barclays Australia issued $1.5 billion of three-year notes via fixed and floating rate tranches. Both tranches were issued at a spread of 140 basis points over three-month swap. Strong demand for the paper meant pricing was at the tight end of the initial 140-150 basis points range.AMP raised $125 million via November 2013 floating rate notes at a spread of 130 basis points over three-month swap.