Deal and ratings review, week ending January 13 2012
The week beginning January 9 saw the pricing of the first Australian public deal of the year, in the form of a Kangaroo tap. While other sectors remained quiet, several of the Australian major banks continued to issue transactions offshore.Deal and ratings review, week ending January 6 2012
The year of 2012 opened quietly as expected. However, falling in line with historical norms, two of the major Australian banks completed offshore transactions as Commonwealth Bank of Australia and National Australia Bank issued their debut euro covered bond deals.NAB makes covered bond debut via private placement
National Australia Bank (NAB) (Aa2) has become the third Australian major bank to price its inaugural covered bond transaction, issuing NOK2 billion (US$339.1 million) as part of a private placement to a small group of Norwegian investors. The issuer reveals the 10-year fixed rate deal was completed in response to reverse enquiry.CommBank lured to wider European investor base for covered bond debut
Commonwealth Bank of Australia (CommBank) (AA-/Aa2/AA) has become the final major Australian bank to complete its debut covered bond transaction, pricing a €$1.5 billion (US$1.9 billion) five-year deal on January 4. It was also the first covered bond issued by an Australia big four bank into the European market, and CommBank's Sydney-based group treasurer, Lyn Cobley, tells KangaNews that market was targeted for the wider distribution and larger volume available.