YTD record for offshore bond issuance
Bond issuance in international markets in the last week of September ensured issuance volume for the month was the largest for the year to date. Thanks to a US$5 billion raising by BHP Billiton, total issuance for September stands at the equivalent of A$16.6 billion, well ahead of the A$13.4 billion raised in April.Among banks, ANZ Bank (rated AA-) sold €1 billion of three-year euro floating-rate notes at a spread of 33 basis points over Euribor last week.Macquarie Bank (rated A) raised €100 million for one year, at a spread of 21 bps over Euribor.In the US s144A market, National Australia Bank raised US$100 million for one year, at Libor flat.In the domestic corporate bond market, BVNP Paribas (rated A+), which last issued in January, sold A$500 million for four years in fixed-rate and floating-rate notes priced at 115 bps over bank bills/swap. Earlier in the year, BNP paid a spread of 155 bps over bank bills/swap for five-year money.ING Bank Australia is buying back all the 2014 maturity bonds it sold in 2009. The bank is offering to use a discount rate of swap less 10 basis points. Pricing will take place on Wednesday.