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ANZ

  • FIG
    A pair of banks moved the bar downwards as they printed two of the tightest Australian dollar deals since the 2008 financial crisis: ING Australia found demand for dual tranche covered bond, while United Overseas Bank tapped the three year point of the curve.
  • The Asian Development Bank began preparing issuance in both the Kangaroo and Kauri markets on Monday, with the latter set to mark its second gender bond in New Zealand dollars.
  • ANZ New Zealand is preparing to issue a tier two bond, marking its first foray into the format.
  • SSA
    The Reserve Bank of New Zealand announced on Wednesday that its quantitative easing programme will come to a surprisingly sudden stop on July 23.
  • Banco Santander is out in the Australian dollar market with its debut Kangaroo bond, and with constructive conditions on offer, further supply could follow.
  • Santander is preparing to make use of some attractive Australian dollar bond market conditions to sell the first bond from its new Kangaroo programme.
  • National Australia Bank has mandated leads for the first Australian covered bond in euros for over two years. With redemptions outstripping supply this month, the NAB deal could be the beginning of a spurt of issuance.
  • Rabobank ended a two year absence from the Kiwi dollar market this week to raise short dated liquidity. Meanwhile, in the Australian market, credit issuance is picking up ahead of the end of the local financial year.
  • ANZ plans further diversification of its total loss-absorbing capacity (TLAC) eligible debt following the issuance of the first sterling tier two from an Aussie bank in over 13 years, with other niche markets in the bank’s crosshairs. However, sub debt is not the only thing on the bank’s menu, as it anticipates a return to senior funding later this year.
  • A pair of globally systematically important banks (G-SIBs) made rare visits to niche bond markets to raise senior debt at a group level this week, including a Canadian dollar market that is enjoying its busiest year for offshore financials since 2007.
  • Rating: Baa1/BBB+/A-
  • ANZ dropped into the sterling market this week in search of tier two paper, which will help it meet its total loss-absorbing capacity (TLAC) requirements. With the TLAC deadline fast approaching, Australian firms are expected to make use of the attractive funding conditions to ramp up their subordinated issuance.
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