Oceania

The Bank of Queensland’s (BoQ) upcoming conditional pass through (CPT) covered bond, the first CPT from an Australian issuer, will mark a major step in the use of the structure, with cross-currency swaps used for the first time.

National Australia Bank and Credit Suisse have both received the approval of investors to change terms of their existing covered bonds.

Australia on Tuesday announced its intention to issue its first 30 year government bond. After a summer of downgrade threats for the triple-A rated sovereign, it hopes to tempt overseas investors back into its bonds with offers of juicy yields. But market experts are not convinced it will work, writes Silas Brown.

Three Hong Kong real estate investment trusts are tapping the loan market for funds, with DBS launching two new deals and Hang Seng Bank wrapping up a third transaction, bankers said.

The Australian Office of Financial Management (AOFM) has said it intends to issue the Australian government's first ever 30 year benchmark bond in October.

ANZ New Zealand took advantage of a slight back-up in yields and a scarcity of seven year covered bonds to issue a well oversubscribed deal on Tuesday.

State-owned oil giant China National Offshore Oil Corp is talking to banks for a $1bn refinancing linked to its Australian investments.

In this round-up, Stock Connect southbound flows pick up considerably, the Australian Securities Exchange (ASX) introduces an expanded RMB clearing and depository facility, and RMB clearing in Hong Kong increases in August. Plus, a recap of our coverage this week.

Raiffeisenlandesbank Oberösterreich has mandated joint leads for its first benchmark euro covered bond and the Bank of Queensland has hired leads to explore options for a potential structure.

Five banks raised more than $10bn in the senior unsecured dollar market this week, exploiting strong demand and at spreads that were in line with where covered bonds would have priced.

The universe of active covered bond issuers is set to further expand with the Bank of Queensland hiring leads to explore options for a potential covered bond structure.

ANZ New Zealand and Natixis Pfandbriefbank have mandated leads to roadshow euro denominated covered bonds.