National Australia Bank

Bank of New Zealand (BNZ) gave investors the chance to put some euros into a senior bond on Friday and was well subscribed for its efforts.

Activity in the FIG sector in Swiss francs shifted from the international to the domestic market this week, with a little over Sfr850m ($857m) of new supply priced on Tuesday alone.

Barclays plans to follow Crédit Agricole and Handelsbanken into the Kangaroo bond market. The UK lender mandated leads for a deal on Wednesday after the other two banks brought deals on Tuesday.

It was a g’day for Citibank on Friday, as the issuer returned to the Australian dollar market to print its largest ever Kangaroo, according to Dealogic. In recent weeks, the Aussie market has presented a good alternative for FIG issuers looking to sell senior unsecured debt.

National Australia Bank went to investors on Monday with a dual-tranche deal, looking to make use of favourable conditions in the euro market. It was the first Australian name to issue euro-denominated notes since Westpac in November 2018.

The Manchester Airport Group, which owns Manchester, East Midlands and London Stansted airports, launched a £350m bond on Wednesday. In an investment grade corporate bond market that had otherwise been empty of new issues in the first half of the week, the deal was covered more than 3.5 times.

Taps in Oceanic currencies flowed freely this week as two supranationals raised funds in the Kangaroo and Kauri markets.

Following strong interest in Kauri bonds on the secondary market from Asian investors, the World Bank moved into a lagging primary market on Tuesday for a NZ$450m ($306m) increase of a January 2024 issue. Bankers feel that this could potentially jump start the quiet market.

Tylor Hartwell is starting at National Australia Bank, after leaving Sumitomo Mitsui Banking Corporation earlier this year.

The CEO and the chair of National Australia Bank will step down in the wake of a critical report into misconduct in the banking sector.

Fearful of missing out and in the absence of competing credit supply, investors piled into higher yielding covered bonds offered by Canadian, Australian and Swedish issuers this week. A negative new issue premium Royal Bank of Canada’s five year epitomised the state of investor frenzy.

Fearful of missing out and, in the absence of competing credit supply, investors piled into six covered bonds on Tuesday with a combined value of more than €6bn.Royal Bank of Canada’s deal epitomised the state of investor frenzy as it was able to issue the largest deal of the year with a negative new issue premium.