Westpac

Senior and sub deals get done, though some issuers have to pay up

UK lender finds 5bp-10bp of arbitrage compared with euros

The short tenor and price transparency comforted investors, helping to drive early order book momentum

Senior market in euros is open for well rated frequent borrowers as riskier deals could follow

Firms turn to sterling and euros to take deals off the table and ease New Year funding pressure

‘Perfect combination of factors’ creates surprise window for last minute issuance

Further covered and senior paper to come out of Australia as RBA funding programme winds down

Aussie borrower set to end an almost two year absence from the market this week

The German bank has tapped dollars twice in two weeks

A pair of banks moved the bar downwards as they printed two of the tightest Australian dollar deals since the 2008 financial crisis: ING Australia found demand for dual tranche covered bond, while United Overseas Bank tapped the three year point of the curve.

ING is set to print the first Australian dollar covered bond of the year this week. Covered paper out of the region has remained scant over the last 12 months, but issuance is set to pick up as onshore lenders start to think about life after the end of the Reserve Bank of Australia's Term Funding Facility.

Westpac New Zealand attracted plenty of demand on its rare trip to the senior euro market this week, printing its €750m deal flat to fair value.