Oceania
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◆ Issuer brings second €500m bond ◆ Still a new name but pricing 'not too contentious' ◆ No intention to squeeze -
All three 2026 dollar covered bonds issued in past fortnight as issuers adapt to market conditions
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◆ Issuer tightens spread by 4bp ◆ Stronger opening on Wednesday paved way for covered ◆ Deal offered some new issue premium
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◆ Elis and Australia Pacific Airports offer low double-digit concessions ◆ Akzo Nobel prices dual trancher ◆ Shorter dated deals attract strongest demand
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Safe haven status draws offshore names to Swiss francs
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◆ Aussie issuer returns after 2025 debut ◆ Asset managers like scarce international Australian risk ◆ Canadian names used to find fair value
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◆ NAB executed at 30bp over mid-swaps threshold ◆ Banker said deal was 'in line with what was expected' ◆ Leads chose three Canadian covereds as comps
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◆ Japanese firm guides debut euro deal tight ◆ Endeavour attracts strong demand ◆ Sales follow multi-day marketing exercises
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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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◆ Aussie bank tightened 9bp through execution ◆ Deal more than six times oversubscribed ◆ Bank's last euro covered was in September 2023
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◆ Australian bank planning €500m covered ◆ Issuer's first euro deal since September 2023 ◆ Barclays, Natixis and UBS are lead managers
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◆ Largest book of the week for a euro tier two ◆ Priced flat to fair value ◆ 'Sensible' pricing, rival banker says
