Demand for shorter maturities supports ADB Kauri tap
Asian Development Bank (ADB) took advantage of demand in the early mid-curve to price its NZ$425 million (US$273.2 million) January 2023 Kauri tap on 16 August. The issuer says market conditions in New Zealand and elsewhere have become more challenging but flight-to-quality issuance opportunities are open for supranational, sovereign and agency (SSA) borrowers.
WATC nets FRN volume record in syndicated deal
Western Australian Treasury Corporation (WATC) issued its largest ever floating-rate note (FRN) deal in a A$1.1 billion (US$745.9 million) 4.5-year transaction that priced on 14 August. WATC talks to KangaNews about the timing of the deal and the wider context of its funding programme.
ACT sets record volume in latest syndicated deal
Australian Capital Territory (ACT) priced its largest-ever bond deal on 13 August: a A$1 billion (US$679.4 million) transaction maturing in May 2025. Lead managers say the relative-value pick up of ACT to other triple-A semi-government borrowers and ongoing demand from bank balance sheets supported the book.
NZ domestic market still receptive for ASB Bank’s record print
ASB Bank says it was eager to access the domestic market to kickstart its new financial year funding task, amid robust demand conditions. Deal distribution in New Zealand dollars continues to be domestically focused but has been able to produce multiple record-volume deals for financial institution (FI) issuers.
ING Australia’s second domestic covered-bond signals intent
ING Bank Australia (ING Australia) has issued its second domestic covered-bond transaction. The borrower tells KangaNews funding diversification was the primary driver but it aims to be a regular issuer in the format.