ASB Bank grabs tight spread over Aussie parent

ASB building logo 230px
By Nathan Collins
26 Jun 2014

New Zealand’s ASB Bank returned to the euro senior market with its first senior deal in the currency in almost three years on Wednesday. The issuer was rewarded with a tight spread over Australian parent, Commonwealth Bank of Australia.

Commonwealth Bank of Australia, Deutsche Bank and JP Morgan priced the €300m three year floater at 43bp over quarterly Euribor.

The leads circulated initial price thoughts of high 40s over quarterly Euribor on Wednesday morning.

“I’d normally expect a Kiwi bank to price 10bp-15bp wide of their Australian ...

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