Commonwealth Bank’s jumbo covered bond keeps Australians marching in Swissies

Swiss franc denominated Australian covered bonds remained in vogue this week, with Commonwealth Bank of Australia issuing the largest one yet — a Sfr775m dual trancher — on Wednesday, after Australia and New Zealand Banking Group paved the way for its peer group with a Sfr725m icebreaker in January. However, bankers wondered whether the market could continue to support such deals and whether CBA’s deal would in fact be the high water mark for Australian covered bonds in Swissies.