KfW, the German government-owned development bank, on Tuesday raised a tap issue of A$250 million from its existing A$1 billion five-year Kangaroo bond, taking the total up to A$1.25 billion, according to sources.
The tap issue a procedure that allows borrowers to sell bonds from past issues was fully subscribed, signalling increasing investor appeal for supranational, sovereign and agency SSA issuer paper in the market. The original bond had a coupon of 3.75%.
“Investor distribution was pretty broad domestic and offshore and came from a broad spectrum of accounts from across the region,” said a banker close to the deal.
Domestic and offshore...
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