JP Morgan, Rabobank seize on niche demand
JP Morgan sold its debut public New Zealand dollar trade on Wednesday, opting for a global format to scoop up interest in the US. Rabobank also targeted interest in niche currencies, selling Kiwi dollar and Norwegian krone bonds.
ANZ and JP Morgan priced the US banks NZ$500m ($422.4m) 4.25% November 2018 paper at 100bp over mid-swaps, in line with guidance at the 100bp area. The issuer had targeted a minimum size of NZ$200m, but increased the deal to size roughly in line with investor demand.
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