ASB just covered; CIBC turns to Aussie dollars

After roadshowing nearly four months ago, New Zealand’s ASB Bank finally took the plunge and opened books for a €500m five year deal on Thursday. Despite a high rating and fair spread, the deal competed head on with Banca Carige (see other story) and found only a tepid investor response. At the same time, Canadian Imperial Bank of Commerce opened books for a long three year denominated in Aussie dollars.