Oceania

Svenska Handelsbanken has chosen three banks to work on its first Kangaroo bond since 2014.

Macquarie issued its inaugural covered bond on Thursday, meeting a strong reception with the five year €500m paper twice subscribed by investors. Westpac has also opened books on a $1.35bn deal, as Fitch said it expects Australian covered bond issuance to rise this year.

Credit Suisse announced its full year results for 2015 this week with the Swiss lender reporting pre-tax losses of Sfr2.42bn ($2.39bn). However its Asia Pacific business was one of the standout performers posting a pre-tax gain.

Australia and New Zealand Banking Group took advantage of improved market conditions on Thursday to launch a new three year £500m floating rate covered bond. The funding was more competitive than what it could have achieved in the euro market.

The Australian subsidiary of US asset manager Vanguard received an additional Rmb20bn ($3.03bn) quota from the State Administration of Foreign Exchange (Safe) on January 27, making the firm the second largest RMB qualified foreign institutional investor (RQFII) globally.

Commonwealth Bank of Australia (CBA) funded itself more cheaply with a 15 year covered bond than it did with a five year this week. It followed Swedish Covered Bond Corporation (SCBC) which issued at the same spread as earlier deals despite a market widening.

Royal Bank of Canada (RBC) issued a five year Aussie dollar floater on Wednesday, attracting strong demand from Australian and Asian investors.

Commonwealth Bank of Australia has successfully issued the first euro covered bond from an Australian bank in nearly 12 weeks. Swapped back into Australian dollars the 15 year tranche provided cheaper funding than the five year.

Australia and New Zealand Bank unveiled changes to its senior management on Wednesday, explaining that the moves would improve focus on its retail, commercial and institutional clients.

Andrew Géczy is leaving his role as chief executive officer for international and institutional banking (IIB) at Australia and New Zealand Bank to seek new opportunities.

Barclays beat a hasty retreat this week from the bulk of its investment banking operations in Asia, shuttering offices in multiple countries and slashing hundreds of jobs amid a wider global cull in costs and personnel. It did not pull any punches, with the cuts stretching across the equities, loans and bonds products. John Loh reports.

Citi’s Asia Pacific franchise posted a solid set of numbers in 2015, which regional CEO Francisco Aristeguieta is keen to continue in a volatile 2016, according to an internal memo seen by GlobalCapital Asia.