Westpac

Westpac and Santander UK returned to the euro covered bond market on Thursday. Though early book momentum was marginally stronger in the Australian deal, the oversubscription ratios for both deals was rather low. Meanwhile, Stadshypotek showed that there is still good scope for further sterling covered bond supply.

Zürcher Kantonalbank (ZKB), in accordance with recent tradition, was the first canton off the blocks, opening the Swiss market with a Sfr240m ($246m) 10 year bond on Wednesday. Basellandschaftliche Kantonalbank (BLKB) was quick to follow, printing a Sfr300m nine year bond an hour later. A lack of issuance at the tail end of 2017 has buoyed the market, leaving participants hopeful of additional cash to put to work in the new year.

Reliance Industries has allocated its $2.49bn multi-tranche fundraising among 31 banks, with plans to transfer in the new lenders before the end of the year, said bankers close to the trade.

Bank and finance names this week made their final moves in the dollar market ahead of the Federal Reserve’s final meeting of the year, which starts on December 12.

Export-Import Bank of China (Chexim) extended its curve with a 30 year dollar bond on Tuesday, part of a multi-tranche deal in which it raised a hefty $3.275bn in two currencies.

Chinese issuers are storming the debt market this week, with Tuesday seeing the Export-Import Bank of China (Chexim), Shanghai Commercial Bank and Oceanwide Holdings Co among the borrowers enticing investors.

The Export-Import Bank of China (Chexim) is holding investor calls on Monday for its third offshore transaction of 2017, opting again for a combination of dollars and euros, and possibly its first 30 year dollar bond.

Westpac was in the market on Thursday with a €500m green bond, in the same week as HSBC Holdings priced its first sustainable bond at a size of $1bn.

Rating: Aa2/AA

The public sector market for euro paper is providing superb execution for those borrowers that still have needs in the currency — but those are few and far between.

Auckland Council is set to bring its second euro bond of the year — and only its third ever — next week, following a series of investor meetings in Europe.

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