Citibank, the operating company (opco) issuer of Citi, issued its first-ever Australian dollar deal on 10 May. The transaction came in 3(a)(2) format, which limits domestic bank-balance-sheet participation. However, deal sources say the scarcity value of opco debt from a global bank was enticing for domestic fund managers.
On 8 July, National Australia Bank (NAB) (AA-/Aa3/AA-) announced plans for a perpetual non-call five-year, wholesale, additional tier-one (AT1) capital transaction. A fixed-income investor call regarding the floating-rate note deal is scheduled for the day of the announcement. The notes are expected to be rated BBB- by S&P Global Ratings.
The cautious but early emergence of Australia and New Zealand from the COVID-19 crisis enabled Scentre Group to convey a positive forecast to debt investors in its recent US dollar deal. The result, deal sources say, was an endorsement for the company and for the prospects of antipodean economic recovery.
The Australian Office of Financial Management (AOFM)’s December 2030 syndication provided an opportunity to test capacity amid what the issuer says are greatly improved market conditions.