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Canada jumps into Kangaroo market

Canada jumps into Kangaroo market


Two global law firms have played a role in a billion-dollar notes issue by the Sydney branch of the Royal Bank of Canada.

Firms: Norton Rose Fulbright (Royal Bank of Canada); King & Wood Mallesons (joint lead managers and dealers)

Deal: The Royal Bank of Canada has issued five-year fixed and floating notes under its Australian Debt Issuance Programme.

Value: A$1.1 billion

Area: Banking and Finance

Key players: The NRF team comprised partner Tessa Hoser (pictured), special counsel Vittorio Casamento (Sydney), partner Peter Noble and legal transaction manager Alison Hutchings (London).

Deal Significance:

According to NRF, the Royal Bank of Canada has now issued a total of A$2.3 billion of fixed and floating notes this year, making it the biggest issuer in the Kangaroo market so far this year.

The Kangaroo market is made up of bonds issued by foreign firms in Australian dollars and sold in Australia.

The A$1.1 billion notes form part of the Royal Bank of Canada’s US$40 billion global program for the Issuance of Securities.

“RBC has established itself as a leading issuer in the Kangaroo market and this transaction shows the continued appetite amongst fixed income investors for top issuers,” said Ms Hoser.

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