National Australia Bank
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DBS Bank in Singapore this week issued its first deal in Australian dollars, the first covered bond from an Asian lender and the first benchmark sized Kangaroo covered bond of the year.
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Singapore's DBS is looking to expand its covered bond investor base and has now set its sights on an Australian dollar offering. -
The Singapore dollar bond market has been dominated by financial and corporate subordinated debt in recent weeks with transactions worth S$2.64bn ($1.9bn) sold since the start of May. While the swap driven nature of the demand means issuance will be patchy, bankers believe this trend could run for some time, writes Rev Hui.
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Solihull-headquartered infrastructure product manufacturer Hill & Smith has refinanced its £210m revolving credit facility, extending the maturity by two years.
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FIG syndicate desks were looking forward to a pick-up in primary market activity this week, after two insurers hit screens and the bank capital pipeline also grew.
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Singapore’s army of private bank accounts were spoilt for choice this week with a triple-whammy of bank capital transactions that suited them perfectly — an additional tier one from United Overseas Bank and tier two offerings from Société Générale and National Australia Bank.
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National Australia Bank extended its curve with a dual-tranche offering on Tuesday, as Aussie banks return to the market following Westpac’s dollar effort.
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Citi returned to the Australian dollar market on Wednesday, raising a A$750m five year dual-tranche Kangaroo that will contribute to the bank's total loss-absorbing capacity (TLAC) requirements.
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Citi launched a five year Kangaroo bond on Tuesday, tapping into a recent bid from Asian investors itching for yield.
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A pair of rare SSA names kept Kangaroo and Kauri bond supply ticking over this week, as Asian investor appetite drove demand.
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Rentenbank added to a strong run of Kauri issuance over the last week with a NZ$100m ($69.2m) five year deal on Tuesday, as another issuer lined up a trade in the format.
