Commonwealth Bank of Australia
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Capital deals and a tight Nordic senior print point to what lies ahead for issuers -
◆ Record sized sterling deal for an Australian bank ◆ Achieves pricing inside equivalent euro level, lead says ◆ Follows record earnings
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◆ Issuer’s first covered since September ◆ Aussie bank tapped seniors last week◆ CBA’s was only covered benchmark on Thursday
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◆ Largest Australian tier two tranche since 2020 ◆ Pays slightly higher NIP than earlier deals ◆ 'Novel' structure attracts high quality order book
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Market participants gathering in Stavanger will focus on market growth
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No covered bonds have been issued in primary since Tuesday
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◆ Deal lands flat to recent UK and Canadian trades ◆ Dollar prices find stable footing for issuers and investors ◆ Pricing in line with other currencies
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A series of foreign bank issuers move in force to raise dollars, pushing weekly issuance tally close to March 2025
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◆ New Zealand bank tightened spread close to FV ◆ Bond more than three times subscribed ◆ Banker said spread struck a fair balance
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Investors are eager to put cash to work in FIG bonds even though last week ended with concerns about bad loans
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◆ No premium needed for 'well-funded' name ◆ Final book the biggest in four weeks ◆ Deal attracts strong asset manager bid
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CBA and Nationwide senior bonds push monthly FIG tally to just shy of $80bn
