Westpac
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American Express led a steady flow of issuance from financial names as supply marched on at a record breaking pace this week, driven by insatiable investor demand. -
The International Finance Corporation received over A$1bn ($761.8m) of orders for a 5.5 year Kangaroo bond on Tuesday –– a size all hoped for, but few expected.
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A $1.75bn borrowing for Indian conglomerate Reliance Industries has been opened into general syndication with a 19-strong banking group at the top.
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Investec Australia Property Fund, the Johannesburg-listed real estate investment trust focused on commercial property in Australia and New Zealand, set terms for its partially underwritten R1.5bn ($111m) rights issue on Tuesday. Investors marked the shares up 2.3% on the day.
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Auckland Council on Thursday pulled off a 7bp tightening for its first ever public deal in euros. The trade was joined in the market by paper from the City of Hamburg and Bpifrance Financement.
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Agence Française de Développement made its 2017 debut with a €1.5bn five year on Wednesday, but longer dated euro deals seem to be struggling as European Investment Bank found with a April 2032 tap.
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Citi became the first US bank to hit the market in 2017 amid a torrent of Yankee issuance, as it took home $5.25bn in two separate trades to power a record start to the year for dollar supply.
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Morgan Stanley led a trio of banks tapping the dollar market this week across the capital structure and exploiting the post-election spread tightening in the sector.
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BOC Aviation has used the full greenshoe on its latest dual-tranche fundraising, wrapping it up at $1.5bn to mark its single largest financing.
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Australia sold its largest ever bond in its longest ever maturity on Wednesday. Overseas investors swarmed towards the sovereign’s high yielding offer.
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