Asia Pacific

‘Exciting’ cross-market relative value opportunity on offer as issuers aspire to become regular euro visitors

Semi-government issuer intends to build curve after ‘landmark’ first trade in market that offers both duration and diversification

◆ Singaporean bank issues first sterling covered since September 2024 ◆ Places £750m on £850m order book ◆ Bankers view deal as flat or just inside fair value

SSA issuers extend their hot run in the private market, crowding into the short end of the curve

◆ More foreign capital deals in Australian dollars are 'definitely' expected next year ◆ Offshore issuance to institutional investors preferred ◆ BNPP make substantial savings versus US dollar levels

Market is particularly interesting for banks doing capital trades

◆ Singapore bank returns after lengthy absence ◆ Price tightened from 34bp area ◆ Lead banker said ‘one or two deals left in 2025’

Six covered bonds were issued in three days this week but there is uncertainty over the pipeline from here

◆ Book peaks at almost four times covered ◆ No worries over repeat visits ◆ Chorus offers rare Kiwi corporate paper

◆ Aussie lender places second covered in a week ◆ Order book passed €4bn by late morning ◆ Bankers saw 36bp at or just inside fair value

◆ Order books rise above €21.9bn at launch ◆ Longest maturity draws biggest bid ◆ Mitsubishi taps short end with €500m deal

◆ Deal size matches bumper Scotia sale ◆ Sterling shows no signs of slowing, say bankers ◆ NAB previously tapped dollars and euros this year