Added bonus: Getting to throw around the term “Kangaroo bonds.”
Apple’s first-ever foray into the market last year, selling Kangaroo bonds worth A$2.25 billion ($1.7 billion), sparked a flurry of activity. Intel made a debut in November, followed by the financial-services arm of Ford Motor Co. and a A$1 billion offering by Coca-Cola. In June, Apple returned with a second large issue….
Analysts and investors say another spurt is likely in coming weeks, as the cross-currency basis swap rate—a key metric for U.S. borrowers wishing to raise debt in Australia—rose to a one-year high this month. Companies closely watch this figure because it defines how expensive it is for them to convert debt raised in a foreign currency back into U.S. dollars. The current rate means they can do this at the lowest cost in a year.