Oceania

‘Exciting’ cross-market relative value opportunity on offer as issuers aspire to become regular euro visitors

Semi-government issuer intends to build curve after ‘landmark’ first trade in market that offers both duration and diversification

◆ More foreign capital deals in Australian dollars are 'definitely' expected next year ◆ Offshore issuance to institutional investors preferred ◆ BNPP make substantial savings versus US dollar levels

◆ Singapore bank returns after lengthy absence ◆ Price tightened from 34bp area ◆ Lead banker said ‘one or two deals left in 2025’

Six covered bonds were issued in three days this week but there is uncertainty over the pipeline from here

◆ Book peaks at almost four times covered ◆ No worries over repeat visits ◆ Chorus offers rare Kiwi corporate paper

◆ Aussie lender places second covered in a week ◆ Order book passed €4bn by late morning ◆ Bankers saw 36bp at or just inside fair value

◆ Deal size matches bumper Scotia sale ◆ Sterling shows no signs of slowing, say bankers ◆ NAB previously tapped dollars and euros this year

◆ First Australian sterling tier two since 2022 ◆ Fair value debated ◆ Motivated by uptick in Aussie tier two requirements

◆ Investors leap at chance to buy rare Kiwi corporate risk ◆ Green bond's price move surpasses expectations ◆ Pricing in euros 'competitive'

◆ Deal first in sterling from Australia since late 2024 ◆ Trade prices flat to euros ◆ October redemptions could drive further supply

◆ No premium needed for 'well-funded' name ◆ Final book the biggest in four weeks ◆ Deal attracts strong asset manager bid