New Zealand
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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. -
Citi has appointed Marc Luet to be country officer for Australia and head of the bank's Australia and New Zealand cluster.
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Bank of New Zealand (BNZ) has mandated leads for a roadshow ahead of a possible euro senior unsecured or covered bond benchmark.
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The Reserve Bank of New Zealand cut rates for the first time since 2016 to a record low of 1.5% on Wednesday. The RBNZ Monetary Policy Committee decision was the first under its new set-up, which included three external members on the committee.
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Westpac issued the first dollar covered bond of the year this week, while its New Zealand subsidiary hit the euro market following the demand unearthed by an earlier deal from ANZ New Zealand.
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Westpac New Zealand drew strong support for its five year covered bond on Thursday which took advantage of the strong demand and performance identified in ANZ New Zealand’s earlier deal.
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Euro covered bonds issued by ANZ New Zealand, Caffil and National Bank of Canada on Tuesday provided “the least worst option” in a spread widening environment, said bankers.
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The Reserve Bank of New Zealand has unveiled the latest plank of its highly unusual approach to bank capital regulation. Under the proposed changes, the four large subsidiaries of Australian banks that operate in the country will have to raise billions of tier one capital and will be able to rely on loss-absorbing debt instruments far less than peers in other jurisdictions.
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Philippine food and beverage producer and distributor Universal Robina Corp is gauging appetite among banks for a NZ$420m ($278m) loan to refinance an old borrowing used to back the acquisition of New Zealand’s Griffin’s Foods.
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JP Morgan has begun an agency clearing service for Australian and New Zealand dollar denominated over-the-counter (OTC) derivatives, becoming the first OTC clearing participant on the Australian Securities Exchange (ASX) to do so.
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Two €500m deals issued by Commerzbank and ASB Finance went well enough. The New Zealand deal attracted new investors and hit the issuer’s funding target. However, Commerzbank was unable to tighten pricing by much, underscoring the impression that market sentiment had deteriorated slightly.
