Westpac

◆ QTC aims to build curve in euros ◆ Monitoring dollars too ◆ Canadian comps used

◆ Issuer happy to print more at tight price ◆ Single digit premium paid ◆ Australian covered spreads hold firm

◆ CCDJ aimed to print close to recent Canadian issuers ◆ Westpac goes longer and bigger ◆ Low beta, vanilla 'can work' despite competition

HSBC leads Yankee charge as banks took advantage of tight spreads to bring forward 2025 funding plans and fulfil some of their riskier commitments

◆ Issuers add tier two debt amid lower relative cost to senior layer ◆ Danske Bank prints in euros at no premium as Nordea said to have garnered largest size locally ◆ BNPP, HSBC and Westpac target dollar market

◆ Sterling sale surprises to the upside ◆ Investors appreciate pick up to domestic names ◆ Small premium paid

◆ Favourable dollar market draws foreign and domestic FIG issuers ◆ NatWest chooses dollar for AT1 to achieve best post-swap cost ◆ String of senior issuance also offers rare five year FRN

One month marketing period begins on Thursday ahead of a 10 year issuance

◆ SocGen and especially UBS garner huge demand for high yielding AT1s ◆ Red-hot interest suggests more European banks could issue in subordinated Yankees ◆ HSBC and BBVA raise $2.75bn in tier two

Deal brings this year’s Kangaroo issuance to over A$25bn

◆ WA is the fourth Aussie state to issue a green bond ◆ More labelled Australian SSA issuance to come over the next year

Banks find sweetspot between offering a premium in Swissies while saving compared to euros