Rentenbank's Kangaroo bond volumes reach record

The bank’s Australian dollar bond programme is due to swell to A$12 billion on the back of a favourable cross-currency swap and strong demand from Japanese life insurers.
Head of treasury Stefan Goebel said increased volumes have been made possible by a strong offshore bid
Head of treasury Stefan Goebel said increased volumes have been made possible by a strong offshore bid

German agricultural lender Rentenbank expects its Australian dollar bond programme to soon reach A$12 billion, cementing its position as the third-largest issuer of Kangaroo bonds behind KfW and the European Investment Bank.

The bank has been a consistent issuer in the market since 2002 and recorded its biggest volumes ever in 2013 when it issued A$2.85 billion in Australian dollar bonds.

Kangaroos now represent 21% of all Rentenbank’s medium- and long-term funding.

On a non-deal roadshow through Southeast Asia and Australia this week, the bank’s head of treasury Stefan Goebel and head of funding Leopold Olma said the market would remain attractive ...

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