National Australia Bank

Yankee banks set a scorching pace for issuance in the first week of 2020 as they took advantage of red-hot funding conditions.

National Australia Bank returned to the Canadian dollar market for the first time in over nine years this week to place the largest ever Maple callable tier two, and the first since global financial crisis.

Australia and New Zealand Banking Group Limited (ANZ) launched a new sustainable tier two on Friday. Looking to broaden its investor universe in the euro market and enlarge its tier two buffer after changes in Australian regulation, ANZ’s deal attracted orders of 2.5 times its €1bn size.

Australia & New Zealand Banking Group (ANZ) is getting ready to offer FIG investors a very rare chance to purchase green bank capital in euros, with the issuer set to hit the road for a new tier two in November.

There is a growing pipeline of subordinated bond issuance in the FIG market this week, as issuers think about their regulatory requirements and find no reason to wait in light of a recently favoruable backdrop.

Agriculture company Olam International has closed its $1.525bn club deal with 19 lenders.

Japanese Sumitomo Mitsui Financial Group (SMFG), the holding company for SMBC, returned to Australian dollars on Wednesday after two years away from the currency.

FIG bond bankers are worried, as one put it, that “the steam is coming out of the Kangaroo market” after Thursday’s additional tier 1 (AT1) deal from Société Générale failed to reach the heights of deals from UBS and BNP Paribas earlier in the summer.

French bank BPCE has mandated lead managers for a potential five year senior preferred deal in the Australian dollar market — its first this year in the currency.

Market participants expect more banks will now want to print Kangaroos after investors on a search for yield poured into UBS's additional tier one (AT1) deal on Tuesday. The syndication, which surprised those involved after it managed to shave 75bp off its initial pricing guidance and attract A$4bn ($2.71bn) of orders, suggested a market ripe for a deal spree.

Korea Development Bank moved to place the largest Korean Kangaroo earlier this week, a note that was also priced more tightly than any other Korean-issued Aussie dollar deal.

UBS sold an Australian dollar additional tier one capital note on Tuesday, surprising those involved after it managed to shave 75bp off of its initial pricing guidance on the back of a A$4bn ($2.7bn) orderbook. Market participants expect more banks will now want to look at the Kangaroo market for capital issuance, with BNP Paribas having also launched an AT1 in the currency last month.