Aussie invasion begins as ANZ takes covered to Swiss
Australia and New Zealand Banking Group on Monday initiated what bankers tip to be an Australian-dominated covered bond scene in Switzerland in the next few weeks. ANZ issued a blow-out Sfr725m dual tranche deal — the first under new Australian legislation and the largest new franc covered bond in recent years.
"This is a market-opener for Australian covered bond issuers," said a banker away from the trade.
Other large Australian banks have started the listing process at the SIX Swiss exchange and they will have the market to themselves for a while. Many traditional covered bond issuers have been kept
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