Banks

UBS sold an Australian dollar additional tier one capital note on Tuesday, surprising those involved after it managed to shave 75bp off of its initial pricing guidance on the back of a A$4bn ($2.7bn) orderbook. Market participants expect more banks will now want to look at the Kangaroo market for capital issuance, with BNP Paribas having also launched an AT1 in the currency last month.

Highgate School in north London has closed a £60m US private placement, joining a clutch of private schools using the instrument for long term financing.

Following last Friday’s Asian Development Bank Kiwi dollar deal, the Inter-American Development Bank and International Finance Corporation both came to the Kauri market on Tuesday to tap a pair of mid-curve notes. With demand for mid-curve Kauri products high, bankers expect more issuers to follow as funding remains attractive for dollar-based borrowers.

Danske Bank beat the crowds to issue a new non-preferred senior bond in euros on Tuesday, showing other issuers that investors are more than happy to get involved in the right types of trades this summer.

The Philippines’ Securities and Exchange Commission has given the greenlight to homeware store chain AllHome Corp to list on the local bourse for up to Ps20.7bn ($394.7m).

Alastair Blackman, formerly a top media investment banker at Deutsche Bank, will be developing relationships with the heads of UK firms on behalf of Barclays from next month.

SBI Cards and Payment Services, the credit card subsidiary of State Bank of India, has invited investment banks and lawyers to submit proposals to work on its IPO.

ANZ has expanded its sustainable finance team in Sydney.

Idriss Amor has joined Bank of America Merrill Lynch as a rates trader for emerging markets.

Danish agency KommuneKredit mandated banks on Monday for its first euro-denominated bond of the year and the first euro syndicated public sector bond since mid-July, excluding German regions.

Land NRW and Nederlandse Waterschapsbank mandated for dollars on Monday, kickstarting the market again after a fortnight of blank screens in the currency.

The Asian Development Bank returned to the Kiwi dollar market to print its largest Kauri deal since January 2018 this week. With the Inter-American Development Bank and International Finance Corporation set to follow with a pair of taps in the coming days, bankers are expecting a busy few weeks in the market as investors react to the recent surprise interest rate cut from the Reserve Bank of New Zealand.