National Australia Bank
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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. -
The Australian Prudential Regulation Authority has taken a very different approach from the rest of the world with its total loss-absorbing capacity (TLAC) rules, proposing that banks meet these new capital requirements with tier two rather than any new form of bail-inable senior debt.
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GlobalCapital understands UK utility company Scottish and Southern Electric (SSE) is roadshowing in the US private placement (US PP) market for £400m ($528m) equivalent offer across dollars and sterling.
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A dearth of corporate bond supply on Wednesday, due to a German public holiday, was followed by deals from airport operators in two markets on Thursday. Aéroports de Paris (AdP) opted for the domestic route, while Heathrow made its first visit to the Australian market.
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National Australia Bank issued €2bn of new senior conventional and green notes on Wednesday with a simultaneous tender for existing short-dated debt that could inspire other banks in the euro market looking to make their maturity profiles more efficient.
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National Australia Bank found demand for €2bn of new senior notes on Wednesday, at the same time as offering to buy back €750m of old debt.
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Goldman’s Furtado heads to Citi — HNA chairman dies on business trip — Veteran loans banker Pemberton passes away — Everbright nabs structured finance boss — Chaudhry leaves Deutsche to study
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The UK’s International Public Partnerships has amended and extended its £400m bank facility, keeping the sterling loan market going at full pace after it recorded its busiest quarter in five years at the end of June.
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The UK’s Porterbrook has signed £885m in bank financing from a syndicate of 11 lenders, with Moody’s giving the rolling stock company’s senior debt a Baa2 rating.
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Bank of China’s aircraft leasing arm BOC Aviation sold a rare seven year dollar-denominated floating rate note (FRN) on Monday to an overwhelming response. The deal has opened the door to other financial institutions in the region looking to extend their funding profiles in the format.
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Peking University Founder Group, Industrial and Commercial Bank of China and BOC Aviation came out with floating rate deals on Monday as the format continues to find favour among investors.
