Westpac

◆ Montreal bank taps sterling for second time in 2025 ◆ Aussie comps considered ◆ Order book shrinks from £820m peak

◆ Aussie lender places second covered in a week ◆ Order book passed €4bn by late morning ◆ Bankers saw 36bp at or just inside fair value

◆ No premium needed for size ◆ Deal is Westpac's first in Swiss francs for over two years ◆ Foreign supply is down in Swiss francs this year

◆ Deal first in sterling from Australia since late 2024 ◆ Trade prices flat to euros ◆ October redemptions could drive further supply

US FIG issuance spikes above $90bn ahead of expected Fed rate cut

Investors are thirsty for yield and willing to sacrifice spread

◆ 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