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
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