The new issue was sole-led by RBS and re-offered at a spread of 43bps over 3-month BBSW.
In line with much of the Kangaroo issuance in floating rate format in previous weeks, KBN’s deal was driven by good interest from banks and asset managers both domestically and internationally.
Just a week later the deal was tapped by a further AUD 350 million on the back of good follow on demand from international investors. The increase was joint-led by BMO and RBS and re-offered at a spread of BBSW +35bps.
This new Kangaroo line takes KBN’s total outstanding Kangaroo issuance to AUD 2.025 billion, with AUD 925 million of that amount raised since October 2009.