Australian dollar
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The Canadian bank has issued covered bonds across four currencies in two weeks -
Asian borrowers are finding better funding options in Australian dollars and Japanese yen as higher US dollar interest rates bite
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◆ UK bank issues its only outstanding Aussie tier two ◆ Second capital deal within a week sold outside of core markets ◆ Funding official says diversification motivated the rare deals
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◆ Lloyds to diversify its capital raising into Aussie dollars following Singapore dollar debut last week ◆ Asian and European investors expected to take part ◆ Mizuho raises A$400m with EMTN deal
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◆ Second opco Kangaroo deal more than twice covered ◆ UK firm includes floating rate tranche for the first time ◆ Recent deals show the depth of the Aussie dollar
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◆ Lloyds prices first foreign subordinated debt in Singapore dollars since CS’s collapse ◆ Deal offers arbitrage versus G3 markets ◆ NatWest starts marketing senior Kangaroo
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Uptick in demand as Asian investors lured back to currency
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Singaporean bank captures large orders amid scarcity of Aussie supply, with more foreign lenders to follow
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◆ Offshore banks eye August and September window ◆ Aussie dollar pricing comparable to euro curves for some
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The focus will be on currencies other than dollars
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Deal brings this year’s Kangaroo issuance to over A$25bn
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Sovereign maintains its plan to make its green debut in mid-2024
