BNZ meets Australian investors to talk Kangaroo covered bonds

Bank of New Zealand (BNZ) (AA/Aa2) is indicating its willingness to issue covered bonds in Australia via a non-deal investor roadshow in Melbourne, Sydney and Brisbane. The New Zealand subsidiary of National Australia Bank (NAB) (AA/Aa1/AA) believes a Kangaroo covered bond could assist with the development of the Australian market for the asset class and help its own funding diversity, without having a negative impact on future issuance prospects for the parent.