“Australia’s corporate bond market is poised for a big boost as US tech giant Apple prepares its first Kangaroo bond,” John Weavers reports for Reuters.
“The world’s largest company by market value has made a habit of shattering global bond records since its $17 billion debut debt offering in May 2013, and market participants are predicting another big deal,” Weavers reports. “‘I’m expecting at least a A$500 million trade but A$1 billion would not surprise given the huge local and regional appetite for Apple paper,’ said a syndicate banker not involved in the transaction.”
“Apple is to begin investor calls tomorrow ahead of the potential debut Kangaroo, the name given to bonds from foreign issuers in the Australian market. A big local issue from Aa1/AA+ rated Apple would highlight the appeal of the Australian dollar market for the world’s largest corporate issuers,” Weavers reports. “Apple has hired Commonwealth Bank of Australia, Deutsche Bank and Goldman Sachs to arrange a series of debt investor calls starting tomorrow. ”
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