Kangaroo bonds are AUD bonds sold by international (non-Ozzie) issuers. BP's first issue takes place now with an A$500m issue at a coupon of 4.5% and is issued by BP Capital Markets (largest kangaroo issue this year, according to UBS, who are the joint "promoters" for the bond aka "bookrunners", together with ANZ). 75% allocation goes to asset managers and insurance funds. Part of the enthusiasm for issuing Kangaroos is the shift in the cross-currency basis swap.
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