Coca-Cola to test corporate appetite

摘要

Coca-Cola (Aa3/AA/A+) looks set to provide the first real test of the year for the corporate Kangaroo market, having mandated Deutsche Bank to arrange investor meetings from March 7 for a potential debut trade. The stellar A$2.25bn (US$1.59bn) triple-tranche issue last August from Apple, rated Aal/ AA+ (Moody's/S&P), raised hopes that Australia may become a key second-tier destination for overseas credits, alongside the sterling, Swiss franc and Canadian dollar markets. Intel, rated A1/A+ (Moody's/S&P), followed three months later with a slightly underwhelming inaugural A$800m dual-tranche deal, which, despite being the second largest corporate Kangaroo issuance, failed to match hopes for a A$1bn-plus issue.