Commonwealth Bank of Australia
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One month marketing period begins on Thursday ahead of a 10 year issuance
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◆ Barclays unlocked strong long-end demand for its first dollar trade of 2024 ◆ BlackRock raised $3bn as FIG supply booms
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French bank back for the third time in two weeks with a three tranche Kangaroo
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Higher rates amplify asset class' attractiveness as summer break comes to an end
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Deal brings this year’s Kangaroo issuance to over A$25bn
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◆ WA is the fourth Aussie state to issue a green bond ◆ More labelled Australian SSA issuance to come over the next year
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◆ High grade curves repriced after tight PfZ deal ◆ Australian lender scores 'significant' arbitrage with Sfr deal
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Issuer looks to dollars, euros and, potentially for the first time, Canadian dollars to fund its remaining 2023 programme
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Beijing-based issuer to hold investor calls on Monday
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Issuer aims to diversify as peers bring hefty supply in euros and dollars
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European banks lead stronger than usual FIG market reopening in the US
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Smaller size and new regulations will limit the pool of suitable investors
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The firm has poached a senior banker from Commonwealth Bank of Australia
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Decent sizes available in Swiss francs for high quality offshore names
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The deal follows health and gender-linked issuance in the currency from the supranational earlier in the year
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Commonwealth Bank of Australia could have issued a larger deal but wanted to ensure a high quality order book
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Bank of America has added to its Sydney desk with the hire of Simon Rutz from Commonwealth Bank of Australia
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Société Générale priced a €750m eight year inside fair value, but deals from KHFC and Commonwealth Bank of Australia were less convincing
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Commonwealth Bank of Australia has mandated leads for the longest Sonia-linked deal from an overseas bank
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The Australian bank took a large chunk out of its tier two programme with a local currency deal.
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Bank of China took its pivot away from Libor-linked bonds further this week by selling a dollar note tied to the secured overnight financing rate (Sofr) and a sterling-denominated deal that was the first Sonia-linked bond from a Chinese issuer. While BOC’s transaction was important, bankers say the new benchmarks are still slow to take off in Asia. Morgan Davis reports.
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Commonwealth Bank of Australia (CBA) has returned to the long end of the covered bond market sell its first private placements in the format since 2019.
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Commonwealth Bank of Australia’s has increased the size of its covered bond programme after the Reserve Bank of Australia opted to end its Term Funding Facility, suggesting that Australian banks could be on the verge of increasing their public bond market funding.
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National Australia Bank has mandated leads for the first Australian covered bond in euros for over two years. With redemptions outstripping supply this month, the NAB deal could be the beginning of a spurt of issuance.
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A pair of globally systematically important banks (G-SIBs) made rare visits to niche bond markets to raise senior debt at a group level this week, including a Canadian dollar market that is enjoying its busiest year for offshore financials since 2007.
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ANZ dropped into the sterling market this week in search of tier two paper, which will help it meet its total loss-absorbing capacity (TLAC) requirements. With the TLAC deadline fast approaching, Australian firms are expected to make use of the attractive funding conditions to ramp up their subordinated issuance.
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HSBC raised A$500m ($388m) on its return to the Australian dollar bond market on Thursday, securing a "fantastic" result by offering a pick-up over local bank bonds.
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Barclays returned to the Kangaroo bond market this week after being absent for two years to raise A$600m across three tranches of holding company debt. The market was split over which tranche offered the most value in pricing.
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Commonwealth Bank of Australia's New Zealand subsidiary ASB Finance issued its largest covered bond on Tuesday, the first 10 year from New Zealand and the first covered bond from the country since January 2019.
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Barclays is set to end a two year absence from the Kangaroo bond market this week, as it seeks up to three tranches of callable senior debt.
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Two triple-A rated supranational borrowers scored big in the Australasian bond markets on Wednesday with the Asian Infrastructure Investment Bank selling its first Kangaroo trade and the World Bank bringing the joint biggest ever SSA Kauri bond – equalling the record it set last year.
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Demand for BPCE's latest Kangaroo note was skewed towards the preferred senior format this week, with non-preferred paper only making up A$125m ($96.0m) of the A$750m deal. The French firm was also joined in the market by Rabobank, which sold its first Aussie deal after an almost two year absence.
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BPCE and Rabobank are in the market for Aussie dollar senior paper, with bankers expecting a busy April as a slew of financial issuers refinance maturing bonds.
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The Bank of Montreal marked International Women’s Day with a Canadian dollar women in business bond this week — its first domestic issue off its sustainability framework.