Westpac
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Investors support wide array of deals as secondary market tightens -
The government will tap the new line via tenders after February next year to bring more liquidity
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More popular short dated trades helped propel annual covered bond issuance in single currency to new high
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The frequent borrower has secured refinancing but in smaller size
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Strong outcomes for FIG borrowers in Aussie dollars to drive more deals
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The deal follows health and gender-linked issuance in the currency from the supranational earlier in the year
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New legislation restricts what deeply subordinated debt banks can sell to Australian domestic investors
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Senior and sub deals get done, though some issuers have to pay up
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UK lender finds 5bp-10bp of arbitrage compared with euros
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The short tenor and price transparency comforted investors, helping to drive early order book momentum
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Senior market in euros is open for well rated frequent borrowers as riskier deals could follow
