Vanadium shines in offshore debt market 14 February 2011 5:46PM Sophia Rodrigues The week past finally saw some serious placement of own-name debt by corporates, with two in the overseas markets and one locally. This was even as the flurry of activity around Kangaroo bonds continued.Midwest Vanadium Pty Ltd, a subsidiary of Atlantic Ltd, sold US$335 million of 2018 secured notes, offering a coupon of 11.5 per cent. The company is using the funds to complete the Windimura project in Western Australia; to acquire certain related assets, and to retire existing debt and provide further working capital.SPI Australia Assets made a foray in the overseas market, issuing £250 million of 10-year bonds at a coupon of 5.125 per cent.In the domestic bond market, GE Capital Australia issued $750 million of three-year notes via fixed and floating rate tranches. Both tranches were issued at a spread of 110 basis points over the swap, which gave a re-offer yield of 6.795 per cent for the fixed rate notes of $500 million.National Australia Bank is making an attempt to buy back some of the expensive government guaranteed bonds issued in 2008 and 2009. The bank announced a tender offer for the 2.55 per cent fixed rate notes due on January 13, 2012, which has an aggregate principal of US$2.5 billion. The tender will close on February 22. The last of the government guaranteed bonds are due to expire in 2015, but analysts expect the market will shrink much more before that because of such buybacks.Among international agencies, Asian Development Bank issued $700 million of 2018 Kangaroo at 60.25 basis points over the benchmark January 2018 Australian government bond. Export Development Canada raised $500 million of 2016 bonds via re-issue at a spread of 53.25 basis points over the 4.75 per cent June 2016 Australian bond.A review by Moody's Investors Service affected 81 tranches of mortgage-backed securities that are tied to the credit rating of Genworth Financial, a prominent mortgage insurer. Moody's announced the review over the first weekend of February.Most affected, in theory, if not in practice, is the A$45 million mezzanine tranche in the Torrens bond, sold by Bendigo and Adelaide Bank in December 2010.A senior tranche from Members Equity Bank is among the notes for possible downgrade. The $125.5 million tranche is the largest tranche among the 81 on the review list.