ASB gets lukewarm response as CIBC goes to Aussie dollars
Nearly four months after its roadshow, New Zealand’s ASB Bank finally took the plunge and opened books for a €500m five year covered bond on Thursday. Despite a high rating and fair spread, the deal found only a tepid investor response as it competed head-to-head with Banca Carige. At the same time, Canadian Imperial Bank of Commerce opened books for a long three year denominated in Aussie dollars.
ASB Finance opened books for a triple-A rated (Moody’s/Fitch) covered bond, backed by prime first lien New Zealand residential mortgages on Thursday morning.
The deal was well prepared and followed a European roadshow with Barclays and UBS in early June.
ASB mandated joint leads Barclays, BNP Paribas, Commonwealth
To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: firstname.lastname@example.org or find out more online here.