No slowdown predicted by AUD issuance patterns
Taken alone, quarterly issuance patterns from recent years suggest there is no reason to expect a wholesale drop-off in new deals from 2008’s most significant sectors of borrowers in Australia – major local financial institutions and top-rated offshore names.Jumbo self-led catapults CommBank to league table top
After taking sole lead manager position on its own A$1.75 billion (US$1.66 billion) domestic deal, Commonwealth Bank of Australia (CommBank) has taken top spot in KangaNews's domestic league table when self-led deals are included. CommBank is now more than A$1 billion of issuance clear of its nearest rival, nabCapital.
World Bank to pioneer supra Kauri retail deal
On June 18 World Bank (AAA/Aaa) announced it is selling a four-year retail bond in New Zealand, via Westpac Institutional Bank (Westpac) – the first deal from a supranational issuer to be offered predominantly for retail participation in the country.Westpac adds franking to latest Aussie hybrid offering [UPDATED]
Westpac Banking Corporation (Westpac)’s forthcoming tier one issue is a floating rate, franked deal, which the issuer acknowledges will place it even more firmly in the retail realm. The issue has an indicative size of A$600 million (US$567.5 million) though Westpac is open to the possibility of upsizing that amount.
CommBank and St.George benefit from Aussie bank vogue
Commonwealth Bank of Australia (AA/Aa1/AA) priced a jumbo A$1.75 billion (US$1.65 billion) 2011 domestic bond on June 18, illustrating the demand for Australian bank paper that has also allowed St.George Bank (A+/Aa2/A+) (St.George) to complete its annual funding three months ahead of schedule.