Technical factors continue to align for major bank tier-two deals
An ongoing supportive market and a desire for a smooth tier-two maturity profile drove Westpac Banking Corporation (Westpac) to undertake its second tier-two deal since total capital requirements for Australia’s major banks were raised in July. Westpac’s domestic dollar foray continued the theme of strong oversubscription and price tightening for major-bank tier-two product.
Another milestone for DLT bond issuance as World Bank taps Bond-i
World Bank achieved another significant milestone in the development of distributed-ledger technology (DLT) in debt-capital markets on 13 August, thanks to a first tap of its August 2020 Bond-i line. The increase also broadened the bond’s investor base and jurisdictional boundaries. The initial transaction was only made available to Australian domestic investors but the tap brought a Singapore-based investor into the fold.
WATC nets FRN volume record in syndicated deal
Western Australian Treasury Corporation (WATC) issued its largest ever floating-rate note (FRN) deal in a A$1.1 billion (US$745.9 million) 4.5-year transaction that priced on 14 August. WATC talks to KangaNews about the timing of the deal and the wider context of its funding programme.
Demand for shorter maturities supports ADB Kauri tap
Asian Development Bank (ADB) took advantage of demand in the early mid-curve to price its NZ$425 million (US$273.2 million) January 2023 Kauri tap on 16 August. The issuer says market conditions in New Zealand and elsewhere have become more challenging but flight-to-quality issuance opportunities are open for supranational, sovereign and agency (SSA) borrowers.
NZ domestic market still receptive for ASB Bank’s record print
ASB Bank says it was eager to access the domestic market to kickstart its new financial year funding task, amid robust demand conditions. Deal distribution in New Zealand dollars continues to be domestically focused but has been able to produce multiple record-volume deals for financial institution (FI) issuers.