ANZ

A quartet of SSAs borrowed a combined A$940m ($613.4m) into the Kangaroo market this week, spurring the SSA Aussie dollar market on to its best monthly volume in over nine months.

Unlike many other banks, ANZ has had no need to draw on central bank emergency liquidity lines during the coronavirus pandemic. Its risk-weighted assets have grown but this has been offset by greater retail deposits. And, as head of funding Mostyn Kau revealed, what subordinated debt issuance it does have to do will be for regulatory reasons rather than to do with Covid-19 crisis funding.

Australia smashed its syndication record with a bumper A$19bn ($12.2bn) bond issue that attracted A$53.5bn of orders on Wednesday, while New Zealand set a record of its own as it upped its 2020-21 borrowing programme to NZ$60bn ($35.8bn).

Woolworths reopened the Australian dollar corporate market with a A$1bn ($645m) dual tranche trade on Wednesday, the first from a corporate since the end of February.

The European Investment Bank inaugurated its sustainability awareness bond (SAB) framework in Australian dollars on Tuesday, while on Wednesday NRW.Bank printed the largest SSA Kangaroo so far this year.

Next week’s Woolworths deal, the first Australian dollar bond from a corporate since the end of February, could be a bellwether for issuance in the market.

Hong-Kong based conglomerate CK Hutchison Holdings hit the international bond market with a dual-tranche deal on Tuesday, finding a window to raise $1.5bn.

Vietnam Technological and Commercial Joint Stock Bank (Techcombank) has closed its maiden borrowing at a bigger size of $500m, after receiving strong response during syndication.

Vietnam Technological and Commercial Joint Stock Bank (Techcombank) has brought in 21 banks for its debut borrowing in the loan market.

China Cinda (HK) Holdings Co priced a $2bn four-tranche transaction on Wednesday, paying a premium to reach its size target as the fast-spreading novel coronavirus, or Covid-19, continued to rattle global markets.

A window for Kangaroo issuance opened this week, as a positive move in the Australian dollar/euro basis swap helped rouse a slumbering market that had not seen a deal for a fortnight. In spite of unstable conditions, SSAs entered the market on Monday and Tuesday, with a trio of regular borrowers tapping six lines for a combined A$575m ($364m).

India’s Tata Steel and Birla Carbon have decided not to syndicate their chunky loans, amid reluctance from the bookrunners to sell down their positions in a slowing market for deals.