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Asian Development Bank Sells A$500 Million of Kangaroo Bonds

Asian Development Bank sold A$500 million ($540 million) of 10-year kangaroo bonds in its first offering of the securities in nine months.

The 5 percent notes were priced to yield 99.5 basis points more than similar-maturity government debt, according to an e-mailed statement from Westpac Banking Corp., which helped manage the sale. The Manila-based lender last sold bonds in Australia in May, when it issued A$650 million of 2014 notes, according to data compiled by Bloomberg.

ADB joins the World Bank and European Investment Bank in returning to the kangaroo bond market after the extra yield investors demand to hold Australian dollar-denominated quasi-government debt rather than federal government securities shrank 28 basis points in February to 102 basis points, the biggest monthly drop in Bank of America Merrill Lynch data started in 1996. Spreads for similar securities worldwide narrowed nine basis points to 81 in the same period.

Landwirtschaftliche Rentenbank also sold bonds in Australia today, with Germany’s agency for agribusiness pricing A$250 million of 5.5 percent March 2020 notes, according to an e-mailed statement from Deutsche Bank AG, which helped manage the sale.

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