Westpac’s senior return keeps good times rolling in Australian primary market
Westpac Banking Corporation’s first domestic senior-unsecured transaction since 2019 met expectations that have become increasingly positive in the wake of multiple successful deal prints at the start of the new year. Volume was at the upper side of estimates thanks to ongoing strong investor appetite for bank paper.
ADB finds favourable Kauri market to kick off new-year flow
Asian Development Bank took advantage of favourable Kauri market conditions to price its largest-ever New Zealand dollar deal on 18 January – also the first new issuance in the market this year. The issuer says limited Kauri supply, ample investor cash balances, attractive outright yield and upcoming redemptions helped the successful placement.
Early timing ensures Toyota Australia’s euro success
Toyota Finance Australia says executing at the very start of the year was a key aspect of its return to the euro market after an almost two-year hiatus, as it aimed to price before deal flow picks up in the weeks ahead. The issuer priced €1.15 billion (US$1.3 billion) of three- and six-year bonds on 5 January, a notably early start for Australian corporate issuance.
Australian rates sell off could be premature if RBA sticks to its guns
Australian strategists and traders believe the Reserve Bank of Australia is unlikely to change its monetary-policy plans in response to a more aggressive US Federal Reserve, despite rising yields over the last month. The divergent central-bank paths could lead to more volatile markets, however.
NAB back on track with jumbo sterling and US dollar deals
National Australia Bank returned to the offshore term funding market at the start of the year after electing to stand back from more turbulent markets in Q4 2021. The bank says positive results in the sterling covered-bond and US dollar markets further demonstrates a constructive new-issuance environment.