The tier-two asset class has been a major beneficiary of growth and positive tone in Australian dollar credit over the past year and a half. Demand remains supportive, and market participants say the next phase of asset class growth may be a further uptick in supply from international banks.
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There was an unusual degree of scrutiny on the call of ANZ’s Capital Notes 5 additional tier-one security on 20 March as the option to reinvest into a direct replacement is no longer available. There are early signs that – as bank issuers hoped – some funds are being redeployed into tier-two notes, but market sources say it is still too soon to know exactly how reallocation will play out.
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