Morning wrap: ANZ sees impressive demand for tap
ANZ National attracted a €1.3bn book for a €250m tap of its October 2016 at 85bp over mid-swaps, which was inside the secondary level of its outstanding bonds. A few weeks ago the Bank of New Zealand had to postpone as euro deal because leads were unable to find enough demand. This sharp change in perception towards New Zealand covered bond risk pays testimony to a market where the dial can only be set to “on” or “off”.
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