Australia

National Australia Bank has mandated its own investment bank to lead a potential mortgage securitization that could include a green tranche, making it only the second issuer of green residential mortgage-backed securities.

Westpac Banking Corp raised Rmb500m ($77m) from a three year offshore renminbi bond on Monday, becoming the first dim sum note issuer of 2018.

Westpac Banking Corp is poised to sell the first offshore renminbi bond of the year, opening books for a three year trade on Monday.

LBBW, Santander UK and Westpac all enjoyed fair demand for seven year covered bonds issued this week, suggesting good scope for further issuance in this tenor.

Westpac and Santander UK returned to the euro covered bond market on Thursday. Though early book momentum was marginally stronger in the Australian deal, the oversubscription ratios for both deals was rather low. Meanwhile, Stadshypotek showed that there is still good scope for further sterling covered bond supply.

Europe's largest property company Unibail-Rodamco announced an agreed offer of $15.7bn for the equity of Westfield Corp, the Australian shopping centre operator, on Tuesday. The deal, which valued the enterprise at $24.7bn, was the second retail property consolidation in a week as the sector comes under the M&A spotlight, writes Nigel Owen.

Unibail-Rodamco has taken out a €6.1bn bridge facility from its advisers Deutsche Bank and Goldman Sachs, to finance its acquisition of Westfield Corp, the Australian shopping centre operator, for an enterprise value of $24.7bn.

QBE is set to become the first financial institution to issue a social bond as hybrid capital. The Australian insurance company picked banks on Thursday to arrange the sale of an additional tier one (AT1), the proceeds of which will be used in accordance with its gender-equality bond framework.

Westpac has hired an ex-BBVA banker to helm its Greater China operation as the Australian lender looks to further its reach in the region.

Commonwealth Bank of Australia (CBA) this week raised Sf450m ($462.1m) from the Swiss franc bond market in the largest single tranche Swissie bond by an Australian financial since 2009. The borrower took advantage of the downgrade of a clutch of regular Swiss franc issuers to sell its trade.

ASB Finance reaped the rewards of a comprehensive roadshow and strong market conditions to issue its tightest and longest covered bond ever this week.

Having made euro investors wait three years since its last deal, in 2014, Australian pallet and container provider Brambles finally returned to the single currency market on Tuesday, printing a deal with virtually no new issue premium.