Australia

If the architects behind the complicated world of bank resolution and prudential capital regulation have proved one thing, it is that the devil is not always in the detail. Sometimes labels matter more.

Dual currency high yield bonds to fund EG Group’s purchase of Woolworth’s petrol stations in Australia hit screens on Tuesday morning, the long-anticipated second slug of a financing part-placed in Australian dollars. The all-bond issue flies in the face of recent market trends, which have seen comparably-rated loans price well inside EG’s initial price thoughts.

The Inter-American Development Bank (IADB) priced its inaugural Kangaroo EYE bond this week. This issue was the product of more than four years of promoting the bond programme to domestic Australian investors, said Laura Fan, principal funding officer at the IADB.

Westpac and Compagnie de Financement Foncier (CFF) kicked off the new quarter on Monday with large euro benchmarks that were priced flat to their curves.

A series of modest taps at the long end of the Australian dollar curve at the end of last week suggests that what has been a quiet market for Kangaroo bonds could soon spark into life, according to SSA funding officials.

Bank of America and Goldman Sachs have launched the loan backing Triton Partners and Luxinva's buyout of IFCO Systems, the Germany-based reusable plastics business of Australia’s Brambles.

Telstra, Australia’s national telecoms company, returned to one of its most important funding markets, euro bonds, on Monday, with a smallish benchmark deal that joined the remarkable wave of deals that have achieved negative new issue premiums.

Regular Kangaroo issuer Daimler came to the market on Thursday with its first Australian dollar issuance of 2019. Through its Australian entity, Mercedes-Benz Australia/Pacific, Daimler sold an A$150m ($106.2m) 2.5% March 2022 unsubordinated bond.

David Morton, the former head of corporates, financials and multinational banking (CFMB) at HSBC, has announced his retirement.

Jonathan Moulds, a banking veteran who worked in board-level jobs at Barclays and Merrill Lynch International, is to become chair of Litigation Capital Management.

Goldman's Richdale joins KKR – JPM hires Wong from BofA – Fubon recruits from ANZ loans – Natixis names head of PB – Deutsche promotes two for sponsors – ABN opens shop in Australia – MSCI backs China A-shares

Insurance Australia Group (IAG) has launched the first catastrophe bond out of Singapore, as the Lion City seeks to become a hub for insurance-linked securities (ILS) by offering grants to issuers.