New Zealand
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Despite a deterioration in the affordability of housing in New Zealand, loan-to-value ratios are low and homes are comparatively more affordable than they are in much of Europe. Even though credit risks remain contained, it seems likely that spreads in the New Zealand covered bond market are set to be repriced wider. -
Bank of New Zealand has chosen a covered bond as the format for a new deal, after originally announcing it would consider senior unsecured or covereds.
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Bank of China (BOC) returned to the bond market with a Belt and Road blockbuster this week, raising around $3.2bn from a multi-tranche, multi-currency deal. Addison Gong reports.
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New Zealand financial Kiwibank is holding non-deal roadshows in Switzerlandahead of what could be its first bond issue in Swiss francs since 2014.
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China launches onshore trading for Thai baht, NPC chairman says Hong Kong remains important to China’s effort to promote the renminbi, and China Construction Bank opens a new branch in Auckland.
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Hong Kong Exchanges and Clearing (HKEX) has signed a memorandum of understanding with New Zealand’s primary national stock exchange operator NZX to foster collaboration on a variety of issues.
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The Asian Development Bank's minimum NZ$200m ($143.6m) five year Kauri bond has grown to NZ$500m, indicating strong demand in the mid-part of the New Zealand dollar curve.
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The European Financial Stability Facility (EFSF) announced on Monday that it would complete its 2017 funding programme with a pair of taps on Tuesday. Conditions in euros looked strong on Monday, as they allowed the Council of Auckland to pull its spread in by 7bp for its second ever euro deal.
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The European Financial Stability Facility should aim for a bond in the 10 to 12 year part of the curve if it wants to complete its funding for the year next week, according to an SSA syndicate official. Other upcoming euro supply includes Auckland Council.
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Auckland Council is set to bring its second euro bond of the year — and only its third ever — next week, following a series of investor meetings in Europe.
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Commonwealth Bank of Australia subsidiary, ASB Finance, has mandated leads for a roadshow to market its first covered bond of the year and the third from a New Zealand issuer.
