ANZ wins Australian race with covered bond debut
Australia and New Zealand Banking Group launched Australia’s first covered bond on Tuesday. Though the market backdrop was coloured by the spread of Europe’s sovereign debt crisis, ANZ’s dollar benchmark attracted broad demand and a healthy level of oversubscription. Westpac was quick to follow with its own inaugural dollar trade, pricing a strikingly similar transaction in the same maturity and at the level as ANZ on Thursday.
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