Investors packed into the first deals of the new year from Australia’s major banks – at home and in global markets – despite spreads verging on historically tight levels. Issuers say tailwinds from 2024 continued to underpin demand, provided execution was managed well in a particularly busy global primary market.
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First verse of Australia’s AT1 redemption song delivers a few key notes
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.
Kiwis of all stripes flock offshore in search of pricing and liquidity advantages
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More offshore Kiwi action as ANZ prints euro senior deal
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