ANZ sterling bond a rarity
Offshore debt issuance by Australian banks is a rare event at present, and ANZ is one bank managing to sell the odd bond in public markets.Other than small scale placements of debt through the uridashi or retail bond market in Japan, banks have largely looked to their domestic markets in Australia and New Zealand to raise wholesale funds.Unusually, on Tuesday night, ANZ, sold £300 million of three-year floating rate notes, following an investor inquiry, a spokesman said. The bank priced the issue at 110 basis points over three-month Libor, a price equal to 130 basis points over swap.The bank sold US$300 million in its March 2016 US s144A line in early October, according to the DCM review.No bank sold offshore debt in public markets in September, and bank treasurers have opted to hold their fire since early August.