National Australia Bank
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One month marketing period begins on Thursday ahead of a 10 year issuance
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Bankers disagree about whether fatigue for 10 year deals is growing
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◆ European banks lead issuance with focus on senior funding ◆ Market wobbles prove funding more challenging than expected ◆ Foreign banks’ capital raising is one prominent feature
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French bank back for the third time in two weeks with a three tranche Kangaroo
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◆ NAB chooses faster Euroyen while BNP Paribas goes bigger in Samurai ◆ French deal showed greater 'depth' of domestic market ◆ Low premium paid
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Bank paper dominates in offshore Swissies as NAB and Santander UK add to flow
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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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Deal brings this year’s Kangaroo issuance to over A$25bn
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EFA and NAIF are financing fossil fuel expansion as government readies green bond
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Sovereign maintains its plan to make its green debut in mid-2024
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◆ Improved tone lures local lenders in size ◆ Yankee arb possible again ◆ European trio steps up Yankee printing on Thursday
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Aussie lender’s A$5.25bn size bettered only by sovereign syndications
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Attractive funding on offer as Swedish lender prints A$1bn
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European borrowers rushed to issue deals settling in January and focusing on the short end
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European banks lead stronger than usual FIG market reopening in the US
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Deal hailed as showing leadership for Asia Pacific
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Unattractive levels in euros and dollars drive Aussie banks to fund at home
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US conditions were brighter after Memorial Day holiday
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Aussie lender ends three year absence from senior bond market in euros with green deal
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Aussie firm looks to serve existing clients in EEA
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Demand for top rated short dated covered bonds remains healthy, despite hefty supply
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Aussie firm picks derivatives sales leader Nicola Jolley to oversee new subsidiary
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Aussie dealer landed at a level flat to its euro and US dollar funding costs
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Five issuers price £1.88bn across six tranches in two days
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Investors look to sterling covered bonds to pick up spread over SSAs
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Aussie lenders set for an active 2022 in covered bond format
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Singapore based lender sold the region’s largest sterling covered bond deal this week
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Strong investor desire for new names and rare regions to drive inaugural deal
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Housing association is the latest to mandate for ESG debt
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A pair of banks moved the bar downwards as they printed two of the tightest Australian dollar deals since the 2008 financial crisis: ING Australia found demand for dual tranche covered bond, while United Overseas Bank tapped the three year point of the curve.
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Anchor Hanover, the UK’s biggest retirement home company, hit the sterling market on Wednesday with a debut sustainable bond, as it continues to shift its capital structure towards socially responsible finance.
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National Australia Bank priced an €850m seven year Australian covered bond on Monday, comfortably inside recent deals from New Zealand and opted against issuing a larger deal size at a wider spread. At the same time, Credit Emiliano mandated leads for another euro benchmark.
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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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Rabobank ended a two year absence from the Kiwi dollar market this week to raise short dated liquidity. Meanwhile, in the Australian market, credit issuance is picking up ahead of the end of the local financial year.
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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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HICL Infrastructure and JLEN Environmental Assets, two London-listed infrastructure funds, this week signed ESG-linked loans that use Sonia instead of Libor. But loans bankers are still worried about the large number of deals that have not moved away from Libor, which falls out of use on December 31.
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JLEN Environmental Assets, an infrastructure fund, has signed a £170m-equivalent multicurrency sustainability-linked revolver, becoming the latest UK infrastructure company to switch to Sonia as its interest benchmark for sterling drawdowns.
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HICL Infrastructure, a London-listed infrastructure investment company, has refinanced its £400m revolving credit facility, with the company shifting the benchmark to risk-free rates and adding five sustainability metrics.
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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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Europe’s corporate bond market continued to pump out deals on Wednesday, despite the equities market licking its wounds after inflation fears brought a sea of red to stock prices.
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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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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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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 short Easter week saw a timid showing of new high grade corporate issuance in the European market but investors snapped up the trades that were on screens.
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Gatwick Airport got a bulging order book for its return to the senior funding market, weeks after the UK airport got chunky demand for its debut subordinated transaction.
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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.