Westpac
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◆ Sterling sale surprises to the upside ◆ Investors appreciate pick up to domestic names ◆ Small premium paid
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◆ 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
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One month marketing period begins on Thursday ahead of a 10 year issuance
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◆ 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
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Deal brings this year’s Kangaroo issuance to over A$25bn
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◆ WA is the fourth Aussie state to issue a green bond ◆ More labelled Australian SSA issuance to come over the next year
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Banks find sweetspot between offering a premium in Swissies while saving compared to euros
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Dollar market to offer certain covered funders size at an attractive cost
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Wednesday’s deals were 'copycats' of those from peers the day before
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Attractive funding on offer as Swedish lender prints A$1bn
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Investors support wide array of deals as secondary market tightens
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The government will tap the new line via tenders after February next year to bring more liquidity