Oceania
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Commonwealth Bank of Australia’s New Zealand subsidiary, ASB Finance, has mandated leads for the first Kiwi covered bond since January 2019. At the same time, Berlin Hyp has appointed lead managers for a 12 year mortgage Pfandbrief. -
New Zealand will be an important test case for mandatory reporting on climate risks. Financial firms everywhere would be wise to sit up and take notice.
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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.
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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.
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The Covid pandemic has delayed a lot of progress in the capital markets, but bankers say the industry is still on track to meet Libor transition deadlines. Investors have consented to the Bank of Nova Scotia transitioning the basis of its sterling covered bond from Libor to Sonia, while Westpac is seeking consent.
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Taiwan’s Formosa Plastics Corp is planning a quick return to the loan market, sending out a request for proposals for two loans totalling $930m to support an iron ore mining project in Australia.
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JP Morgan has hired Mark Carlile as vice-chairman of mergers and acquisitions for its Australia and New Zealand franchise, according to an internal memo.
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Verizon Communications, the US telecoms group, embarked on an almost $3bn niche currency bond issuing spree this week, which included the largest foreign Swiss franc bond since early 2018.
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Grid operator Transpower New Zealand returned to the Swissie market this week, landing through its outstanding curve while offering a small premium over Swissgrid.
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Bank of Nova Scotia returned to the dollar market with its first new trade in five months this week, after reporting its fiscal first quarter earnings. It was followed by Truist Financial selling an inaugural social bond.
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Svenska Handelsbanken returned to the Kangaroo market this week to print a five year preferred senior deal at a decade tight level, as the long-term absence of funding from the Aussie market's major domestic banks drives down senior spreads.
