Oceania

Credit Suisse has made three senior hires in its China investment banking and capital markets (IBCM) team, in the latest expansion of its onshore presence.

MUFG Securities Asia has poached a former Westpac executive to head its asset-backed securities unit for Australia and New Zealand as the Japanese brokerage extends its international reach.

The Treasury Corp of Victoria has mandated National Australia Bank to lead an Australian dollar green bond.

Biostime International Holdings’ refinancing of a $450m bridge loan has been oversubscribed in syndication.

Bank of America Merrill Lynch has created a new debt solutions unit in Asia Pacific and has named two bankers to run it.

Volatility and changing demand have forced issuers to change their style of issuance in the Kangaroo market, printing smaller deals to demand rather than benchmarks. But the market has not stopped providing valuable opportunities for duration and arbitrage. By Lewis McLellan.

QBE Insurance was nearly eight times overs subscribed for a new tier two bond on Wednesday, as the Australian firm shrugged off recent volatility to build towards its regulatory capital requirements.

Covered bond volumes were higher this week than last even as mounting fears of a UK decision to leave the European Union lead to greater volatility and increased execution risk.

The Australian lender priced an A$500m five year floating rate covered bond on Wednesday on an oversubscribed order book. Though it was unable to tighten pricing, the final spread was in line with the last five year A$ benchmark issued by CIBC.

QBE Insurance was nearly eight times overs subscribed for a new tier two bond on Wednesday, as the Australian firm shrugged off recent volatility to build towards its regulatory capital requirements.

Westpac New Zealand’s €750m five year this week attracted the largest order book and was priced at the tightest ever spread for a New Zealand covered bond. Bank of New Zealand is set to follow.

ANZ became the first Australian bank to launch a foreign currency additional tier one (AT1) on Tuesday with a dollar trade, and could target yield hungry Asian accounts to bolster its books.