Buybacks boost November issuance
November is shaping up to be the best month for issuance in the domestic corporate bond market since July. Month-to-date issuance stands at A$6.9 billion, although this is still well short of July's A$11.9 billion.This end-of-year issuance rush has been boosted by the substantial bond buybacks undertaken by NAB and Westpac. NAB bought back A$2.84 billion worth of government guaranteed bonds in the first week of November and Westpac bought back A$3.4 billion just a few days later.These two offers combined account for almost all of the issuance seen so far this month. Goldman Sachs (A-) returned to the market last week for the first time since May 2011, selling A$350 million of fixed rate notes and A$250 million of floating rate notes, both with a five-year term to maturity. The two tranches were priced at 195 basis points over swap/bank bills.GE Capital Australia Funding (AA+) saw out the week with the sale of A$500 million of March 2016 floating rate notes, priced at 100 bps over bank bills. As reported last Tuesday, Bank of Queensland completed the bookbuild for its convertible preference share issue with the offer size being increased to A$250 million. The coupon margin was set at 510 bps.ETSA Utilities Finance and the Norwegian local government funding agency Kommunalbanken also issued.