National Australia Bank

Rabobank ended a two year absence from the Kiwi dollar market this week to raise short dated liquidity. Meanwhile, in the Australian market, credit issuance is picking up ahead of the end of the local financial year.

A pair of globally systematically important banks (G-SIBs) made rare visits to niche bond markets to raise senior debt at a group level this week, including a Canadian dollar market that is enjoying its busiest year for offshore financials since 2007.

ANZ dropped into the sterling market this week in search of tier two paper, which will help it meet its total loss-absorbing capacity (TLAC) requirements. With the TLAC deadline fast approaching, Australian firms are expected to make use of the attractive funding conditions to ramp up their subordinated issuance.

HICL Infrastructure and JLEN Environmental Assets, two London-listed infrastructure funds, this week signed ESG-linked loans that use Sonia instead of Libor. But loans bankers are still worried about the large number of deals that have not moved away from Libor, which falls out of use on December 31.

JLEN Environmental Assets, an infrastructure fund, has signed a £170m-equivalent multicurrency sustainability-linked revolver, becoming the latest UK infrastructure company to switch to Sonia as its interest benchmark for sterling drawdowns.

HICL Infrastructure, a London-listed infrastructure investment company, has refinanced its £400m revolving credit facility, with the company shifting the benchmark to risk-free rates and adding five sustainability metrics.

HSBC raised A$500m ($388m) on its return to the Australian dollar bond market on Thursday, securing a "fantastic" result by offering a pick-up over local bank bonds.

Europe’s corporate bond market continued to pump out deals on Wednesday, despite the equities market licking its wounds after inflation fears brought a sea of red to stock prices.

Barclays returned to the Kangaroo bond market this week after being absent for two years to raise A$600m across three tranches of holding company debt. The market was split over which tranche offered the most value in pricing.

Barclays is set to end a two year absence from the Kangaroo bond market this week, as it seeks up to three tranches of callable senior debt.

Demand for BPCE's latest Kangaroo note was skewed towards the preferred senior format this week, with non-preferred paper only making up A$125m ($96.0m) of the A$750m deal. The French firm was also joined in the market by Rabobank, which sold its first Aussie deal after an almost two year absence.

BPCE and Rabobank are in the market for Aussie dollar senior paper, with bankers expecting a busy April as a slew of financial issuers refinance maturing bonds.