ANZ plots different course with long dated euro debut
Australia and New Zealand Banking Group became the first Australian issuer to launch a second syndicated benchmark covered bond on Monday. Looking to differentiate itself from dual five year euro debuts from Commonwealth Bank of Australia and National Australia Bank last week, the borrower tapped the crowded long end with a 10-1/2 year jumbo.
"We decided to look at the long end for investor diversification," said a syndicate lead. "Follow-on demand for the second euro trade from NAB last week was unconvincing, and we definitely didnt want to jam another five year into the market."
Though the inaugural euro trades from CBA and
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