HBS issues A$400 million as it shifts funding from ABS
Heritage Building Society (HBS) (BBB/Baa3) issued a total of A$400 million (US$312.72 million) of government guaranteed three- and five-year bonds on July 9 with the issuer saying it expects to return to the vanilla market more frequently in future as it switches its wholesale funding out of the challenged asset-backed security (ABS) market.Real money momentum helps CommBank quadruple its unguaranteed 2014 [UPDATED]
The most active Australian borrower in the unguaranteed arena, Commonwealth Bank of Australia (CommBank) (AA/Aa2/AA), priced the first five-year maturity unguaranteed transaction from a domestic Australian bank for almost a year on July 7, with the issuer saying real money demand drove an upsize from A$500 million (US$397 million) at launch to A$2 billion.