July turns into a strong month for debt capital market issuance 03 August 2015 3:51PM Philip Bayley A rush of debt capital market issuance at the end of the week took the total for the week to almost A$3.6 billion and monthly issuance to more than A$11.6 billion - making July the second best month of the year behind January's issuance of A$12.4 billion. DBNGP Finance (rated BBB-) got the week started by adding a further $70 million to the September 2023 line it opened two weeks ago. Pricing was unchanged at 200 basis points over bank bills and the issue size now stands at $125 million. The Sydney branch of Royal Bank of Canada (rated AA-) and Citigroup (rated A-) were the other volume issuers of the week. RBC raised a total of $1.1 billion in a two-tranche issue ($900 million in floating rate notes and $200 million fixed) priced at 72 bps over the bank bill swap rate for a three-year term to maturity. Citigroup raised $600 million, issuing four-year global floating rate notes at a spread of 125 bps over bank bills. Brewer Foster's returned to the market last week, for the first time since 2006, under new ownership and with a guarantee from its parent SABMiller (rated A-). The company issued $700 million of five-year bonds priced at 128 bps over swap. The sovereign supranational and agency sector was represented by International Finance Corporation (rated AAA), Nordic Investment Bank (AAA), Asian Development Bank (AAA) and Inter-American Development Bank (AAA).IFC opened a new February 2021 line at $300 million. The bonds were priced at 56.75 bps over commonwealth government securities to yield 2.797 per cent. NIB opened a new February 2026 line at $100 million. The bonds were priced at CGS plus 54.5 bps. ADB added $500 million to its January 2020 line to take the total outstanding to $1.2 billion.IADB added $100 million to its February 2020 line. The increase takes the size of the line to $1.55 billion and both taps were priced at 54 bps and 54.75 bps over CGS respectively. Lastly, Toronto-Dominion Bank (rated AA-) returned on Friday with a $100 million ten-year bond issue priced at CGS plus 148.25 bps. The issue follows the bank's first in a senior unsecured format two weeks earlier. In New Zealand, World Bank opened a new October 2021 line at NZ$300 million. The 73.2 bps margin to New Zealand government bonds will provide a yield of 3.602 per cent. New Zealand banks were the most active in international markets last week. ANZ New Zealand (rated AA-) raised US$750 million in the s146A market and Bank of New Zealand (rated AA-) raised €250 million in the Euromarket. ANZ New Zealand raised five-year funds at a spread of 125 bps over US Treasury bonds and the December 2019 EFRNs issued by Bank of New Zealand were priced at 50 bps over Euribor. Macquarie Bank (rated A) was the only significant domestic issuer in international markets. Macquarie paid 30 bps over Euribor for €130 million of three year funds.