Australia

The passing of Australian covered bond legislation gave the covered bond market a timely fillip. Without the arrival of Australian issuers, 2012’s year to date level of supply would be even further behind last year’s. As such, subdued eurozone issuance has quickly turned Australian covered bonds into a pillar of the market – and not just a convenient safe haven trade.

Australia and New Zealand Banking Group looks set to become the third Australian borrower to issue in its domestic currency. ANZ has mandated leads for a four year dual tranche, fixed and floating rate benchmark. Westpac has issued its first deal denominated in Swiss Francs