Commonwealth Bank of Australia

Royal Bank of Canada, Canadian Imperial Bank of Commerce, Commonwealth Bank of Australia and Deutsche Pfandbriefbank tapped the sterling covered bond market this week at cheaper levels than they could have achieved in euros and dollars.

Commonwealth Bank of Australia swept up remaining demand in the now saturated five year sterling covered bond market on Thursday, while Deutsche Pfandbriefbank (PBB) got a fair reception for the first three year floating rate covered bond of the year.

Commonwealth Bank of Australia drew strong demand for its five year Australian dollar covered bond tranches, but its 10 year was without doubt a struggle.

Commonwealth Bank of Australia drew strong demand for its floating rate five year Australian dollar benchmark covered bond. The fixed rate five year portion managed to get to only half the size of the floating rate piece, while 10 year tranche was clearly more of a struggle.

Caja Rural Navarra is planning the first green covered bond of the year. It follows a trio of covered bonds issued by Australian banks and the first transaction to be issued from Nordea in more than a year.

Commonwealth Bank of Australia has announced a self-led multi-tranche Australian dollar covered bond for launch later this week.

ASB Bank extended its euro curve with a tightly priced seven year. But with half the demand that was seen in the previous seven year from a New Zealand bank, its size ambition was thwarted.

ASB Bank, the fully owned subsidiary of Commonwealth Bank of Australia, extended its curve on Tuesday with a €500m seven year covered bond. But the deal received less than half the demand than ANZ New Zealand did in September despite offering a pick-up to it.

Five banks raised more than $10bn in the senior unsecured dollar market this week, exploiting strong demand and at spreads that were in line with where covered bonds would have priced.

Commodities trader Noble Group is in the spotlight again after Fitch and Moody's published divergent ratings on Monday. Fitch took a more benign view on Noble, but Moody's downgraded it to B2 from Ba3 with a negative outlook.

Commonwealth Bank of Australia drew more demand than any other euro denominated Australian covered bond in over three years when it issued a €1.25bn 10 year this week.

Commodities trader Noble Group has wrapped up a $1bn committed unsecured revolver with 25 banks joining the transaction, alongside a $2bn revolving borrowing base facility.