Oceania
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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. -
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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Commonwealth Bank of Australia’s New Zealand subsidiary, ASB Finance, has mandated leads for the first Kiwi covered bond since January 2019. At the same time, Berlin Hyp has appointed lead managers for a 12 year mortgage Pfandbrief.
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New Zealand will be an important test case for mandatory reporting on climate risks. Financial firms everywhere would be wise to sit up and take notice.
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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 Covid pandemic has delayed a lot of progress in the capital markets, but bankers say the industry is still on track to meet Libor transition deadlines. Investors have consented to the Bank of Nova Scotia transitioning the basis of its sterling covered bond from Libor to Sonia, while Westpac is seeking consent.
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Taiwan’s Formosa Plastics Corp is planning a quick return to the loan market, sending out a request for proposals for two loans totalling $930m to support an iron ore mining project in Australia.
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JP Morgan has hired Mark Carlile as vice-chairman of mergers and acquisitions for its Australia and New Zealand franchise, according to an internal memo.
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Verizon Communications, the US telecoms group, embarked on an almost $3bn niche currency bond issuing spree this week, which included the largest foreign Swiss franc bond since early 2018.
