Offshore debt markets suit ANZ and Westpac
ANZ New Zealand announced on Friday it would issue NZ$400 million of four year medium term notes at 90 basis points over the applicable swaps rate. The issue was double the indicated minimum of NZ$200 million and in line with the margin indicated when it foreshadowed the issue earlier in the week. It was also in line with the pricing for a NZ$325 million issue by Westpac NZ the previous week.Westpac visited the Samurai market to raise ¥80 billion for five years (approximately A$870 million). The bonds were issued at a spread of three basis points over the ask side of the five year swap rate and would swap back into Australian dollars at around 85 bps over the bank bill rate.Westpac also sold €65 million of five year, covered bonds in the Euromarket. The bonds were priced at 19 bps over mid-swaps, which would equate to about 60 bps over bank bills.