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Kangaroo bond issuance in Australia

Please use this identifier to cite or link to this item: http://hdl.handle.net/1959.14/185112

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Title: Kangaroo bond issuance in Australia
Related: Melbourne Money and Finance Conference (13th : 2008) (2 - 3 June 2008 : Melbourne)
Related: Papers from the 13th Melbourne Money and Finance Conference : recent developments in Australian debt markets, p.1-26
Related: http://www.melbournecentre.com.au/MMFC2008.html
Publisher: Melbourne : Melbourne Centre for Financial Studies
Date: 2008
Author/Creator: Batten, Jonathan A
Author/Creator: Hogan, Warren P
Author/Creator: Szilagyi, Peter G
Description: We explore the recent development of the foreign bond market-termed Kangaroo Bonds in Australia. Initially a perspective is provided on the scale and scope of this market with particular attention paid to the characteristics of issuers. Overwhelmingly this market is high-credit quality and comprises sovereign, supranational or major financial institutions. Investors appear to have a preference for simple fixed rate pricing structures, which require issues to then swap bond proceeds into the currency and coupon type of choice. Consequently, the highly liquid Australian foreign exchange and derivatives markets, which easily accommodate risk transformation, appear as an important facilitator to foreign and ultimate local bond market development. Impediments to market development and implications for other markets are considered.
Description: Previously published in the proceedings of the AsianFA/FMA 2006 Conference
Description: 26 page(s)
Subject Keyword: Australia
Subject Keyword: Asia-Pacific
Subject Keyword: financial market development
Subject Keyword: bond markets
Subject Keyword: Kangaroo bonds
Subject Keyword: foreign bonds
Resource Type: conference paper
Organisation: Macquarie University. Macquarie Graduate School of Management

Identifier: http://hdl.handle.net/1959.14/185112
Identifier: mq-rm-2011008668
Identifier: mq_res-20120911-101537
Language: eng

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