Westpac New Zealand returns as others line up

By Bill Thornhill
29 May 2014

The primary covered bond market is set to pick up next week, with deals from issuers in the UK, Germany and New Zealand in the offing. Yorkshire Building Society announced its intention to go on the road and bring its first euro deal in five years, Westpac New Zealand has said it also launch a roadshow next week to market the first covered bond since the country enacted a legal framework and Dexia Kommunalkreditbank is set to return with its first deal since 2011.

Westpac New Zealand mandated joint leads Barclays, UBS and Westpac for its first euro deal in six months. “The break had been necessary to adjust the programme to the new covered bond legislation approved in New Zealand in December,” said Ted Packmohr at Commerzbank covered bond research.

Bankers ...

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