Westpac

Three infrequent FIG borrowers are set to drop into a stable euro market this week, with Arion Bank, Banca Popolare di Sondrio and Westpac New Zealand all preparing senior deals .

National Australia Bank has mandated leads for the first Australian covered bond in euros for over two years. With redemptions outstripping supply this month, the NAB deal could be the beginning of a spurt of issuance.

Rabobank ended a two year absence from the Kiwi dollar market this week to raise short dated liquidity. Meanwhile, in the Australian market, credit issuance is picking up ahead of the end of the local financial year.

A pair of globally systematically important banks (G-SIBs) made rare visits to niche bond markets to raise senior debt at a group level this week, including a Canadian dollar market that is enjoying its busiest year for offshore financials since 2007.

ANZ dropped into the sterling market this week in search of tier two paper, which will help it meet its total loss-absorbing capacity (TLAC) requirements. With the TLAC deadline fast approaching, Australian firms are expected to make use of the attractive funding conditions to ramp up their subordinated issuance.

Banks bombarded the dollar market this week, with a deluge of supply from rare Yankee issuers and US heavyweights across the capital structure.

HSBC raised A$500m ($388m) on its return to the Australian dollar bond market on Thursday, securing a "fantastic" result by offering a pick-up over local bank bonds.

Barclays returned to the Kangaroo bond market this week after being absent for two years to raise A$600m across three tranches of holding company debt. The market was split over which tranche offered the most value in pricing.

Barclays is set to end a two year absence from the Kangaroo bond market this week, as it seeks up to three tranches of callable senior debt.

Nordea made a rare entry into the euro tier two market on Monday, taking advantage of strong issuance conditions to steer its pricing in close to fair value.

Bank of Ireland and Westpac found strong demand for debut green tier two deals this week, as investors flock to this growing segment of the ESG market in search of higher returns.

Westpac jumped into the green tier two market for the first time on Thursday, finding plenty of demand for the subordinated and labelled combination.