Australia

Australia and New Zealand Banking Group took advantage of improved market conditions on Thursday to launch a new three year £500m floating rate covered bond. The funding was more competitive than what it could have achieved in the euro market.

The Australian subsidiary of US asset manager Vanguard received an additional Rmb20bn ($3.03bn) quota from the State Administration of Foreign Exchange (Safe) on January 27, making the firm the second largest RMB qualified foreign institutional investor (RQFII) globally.

Commonwealth Bank of Australia (CBA) funded itself more cheaply with a 15 year covered bond than it did with a five year this week. It followed Swedish Covered Bond Corporation (SCBC) which issued at the same spread as earlier deals despite a market widening.

Royal Bank of Canada (RBC) issued a five year Aussie dollar floater on Wednesday, attracting strong demand from Australian and Asian investors.

Commonwealth Bank of Australia has successfully issued the first euro covered bond from an Australian bank in nearly 12 weeks. Swapped back into Australian dollars the 15 year tranche provided cheaper funding than the five year.

Australia and New Zealand Bank unveiled changes to its senior management on Wednesday, explaining that the moves would improve focus on its retail, commercial and institutional clients.

Andrew Géczy is leaving his role as chief executive officer for international and institutional banking (IIB) at Australia and New Zealand Bank to seek new opportunities.

Barclays beat a hasty retreat this week from the bulk of its investment banking operations in Asia, shuttering offices in multiple countries and slashing hundreds of jobs amid a wider global cull in costs and personnel. It did not pull any punches, with the cuts stretching across the equities, loans and bonds products. John Loh reports.

Citi’s Asia Pacific franchise posted a solid set of numbers in 2015, which regional CEO Francisco Aristeguieta is keen to continue in a volatile 2016, according to an internal memo seen by GlobalCapital Asia.

Barclays is pulling out of the cash equities business in Asia Pacific as the bank stages a total exit from a number of countries in the region including Taiwan and Korea.

Macquarie Bank printed an eight year Swiss franc bond this week, mimicking an earlier effort from compatriot National Australia Bank.

Citi has created a consolidated Asia Pacific debt syndicate team as it seeks to take advantage of the growing relevance of local currency markets, according to an internal memo seen by GlobalCapital Asia.