NAB finds certainty in dollars, Westpac hits euros

Bill Thornhill

November 27, 2018 01:00 pm

Westpac_AP_230x150 — A name plaque is attached to a Westpac branch in Sydney, Australia, Friday, May 3, 2013. Westpac Banking Corp., one of Australia's largest banks, posted an 11 percent rise in half-year profit on Friday to 3.3 billion Australian dollars ($3.4 billion) as it pursued growth opportunities. (AP Photo/Rick Rycroft) | Rick Rycroft/AP

National Australia Bank (NAB) was looking for execution certainty when heading to the dollar market to sell a pair of senior unsecured and covered bonds on Monday. But with credit conditions improving on Tuesday, Westpac shaved a few basis points off the cost of funding compared with its peer by opting for euros in covered and senior formats.

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National Australia Bank Asia Pacific Oceania Westpac Europe Australia EMEA FIG Covered Bonds

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Bill Thornhill