Australia

◆ NAB executed at 30bp over mid-swaps threshold ◆ Banker said deal was 'in line with what was expected' ◆ Leads chose three Canadian covereds as comps

◆ Japanese firm guides debut euro deal tight ◆ Endeavour attracts strong demand ◆ Sales follow multi-day marketing exercises

◆ New Zealand bank tightened spread close to FV ◆ Bond more than three times subscribed ◆ Banker said spread struck a fair balance

◆ Aussie bank tightened 9bp through execution ◆ Deal more than six times oversubscribed ◆ Bank's last euro covered was in September 2023

◆ Australian bank planning €500m covered ◆ Issuer's first euro deal since September 2023 ◆ Barclays, Natixis and UBS are lead managers

◆ Largest book of the week for a euro tier two ◆ Priced flat to fair value ◆ 'Sensible' pricing, rival banker says

The Australian dollar bond market’s growth has propelled it to be the third most important funding currency for some international bond issuers. Its ability to offer investor diversification and arbitrage funding is attracting an increasing number of issuers from spread-conscious SSAs to banks and companies seeking strategic capital, write Sarah Ainsworth and Atanas Dinov

‘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

◆ 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

◆ 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