Record orderbook for Westpac’s domestic return underscores demand conditions
Westpac Banking Corporation’s latest domestic transaction recorded the largest orderbook for any of the bank’s Australian dollar deals, the issuer says. A more stable market in 2023 and the ongoing belief that an interest-rate peak is in sight drove support for Westpac’s return to market.
Calm conditions entice ADB back to market
Asian Development Bank took advantage of relative market stability following the first Reserve Bank of Australia board meeting of the new year and competitive Australian dollar funding costs to bring its latest Kangaroo gender bond to market. Deal sources say investors continue to adjust to the higher rates environment, fostering a supportive new-issuance environment.
Euro tier-two investors support ANZ’s SDG issue amid ongoing asset-class focus
ANZ Banking Group became the first Australian bank to issue callable tier-two securities this year with the 30 January pricing of a €1 billion (US$1.1 billion) 10-year non-call five-year tier-two transaction. The Sustainability format (SDG) continues to generate good support from EUR investors. Tier-two sentiment appears to have improved following the Australian Prudential Regulation Authority approval of Westpac Banking Corporation’s request to redeem a domestic tier-two note on its first call date.
Reverse enquiry the genesis for ANZ’s domestic tier-two return
ANZ Banking Group continued its tier-two issuance on 6 February with the Australian dollar market’s first 15-year non-call 10-year benchmark transaction. The borrower says the deal was prompted by reverse enquiry but distribution went far wider, and it hopes this issuance will help develop the longer-dated callable tenor in the domestic market.
TCorp updates 2022/23 funding requirement following half-year review
New South Wales Treasury Corporation updated its funding requirement for the current year on 7 February, disclosing a remaining issuance requirement of A$11.6 billion (US$8.1 billion) by the end of June. The update follows the New South Wales state government half-yearly review.