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Covered market provides 'the deepest pocket of demand' among FIG asset classes

Hyperscaler's record debut was a coup for the Aussie bond market, but such large trades risk crowding out smaller borrowers

◆ Books sticky throughout execution ◆ Debut deal lands tight ◆ Commitment to single-A rating drives first time trade

Attractive market across the capital stack prompts expectations for foreign bank supply until the very end of August

Seventeen banks joined the underwritten 18 month deal

M&A could be much needed shot in the arm but dollars expected to dominate

Issuers have frontloaded their core currency funding and could benefit from turning their attention to other projects as the year draws to an end

◆ Strong local demand shows eagerness to buy Aussie covereds at new, tighter levels ◆ RBC prices in line with CIBC's reopener of dormant sector ◆ Onshore demand seen supporting issuance up to five years

Reforms should focus on banks' access to liquidity, not capital

Proceeds earmarked to refinance upcoming maturity

The trade may persuade other top-tier GCC sovereigns that the public market is open

Green investors buy when everyone else stops, giving issuers one last pricing lever — perhaps to cross a line none of them wants to reach