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With the exception of a large private placement undertaken by Westpac two weeks ago (which we'll come back to) there has been no issuance in the domestic corporate bond market by Australian banks si.. read more

The pricing that the banks have been able to achieve on their limited bond issues contrasts starkly with where their five-year senior CDS are being quoted: these ended the week at 143 basis points... read more

As alluded to above, Westpac privately placed a A$750 million top-up of its April 2013 FRNs two weeks ago, taking outstandings to over A$2.0 billion. According to KangaNews last week, market sources.. read more

Bank of New Zealand priced the first covered bond issue in New Zealand, yesterday. The two-tranche issue consisted of NZ$175 million of June 2015 bonds priced at 98 basis points over swap and NZ$250.. read more

In other issuance, KfW added A$250 million to its May 2015 line, taking outstandings to A$1.5 billion. The top-up was reportedly priced at 51 basis points over swap, which is 11 bps wide of its last.. read more

In a comment on BNZ's new covered bond program, Moody's Investors Service advised that covered bonds generally enhance banks' ratings by increasing diversification of funding sources, enabling lever.. read more

With just under 19 per cent of the original balance outstanding, S&P has raised its ratings on eight classes of subprime and non-conforming mortgage-backed securities issued by Sapphire VII Seri.. read more

All four major banks and Macquarie have now released their Basel II Pillar III reports for the period ending March 2010. While all reports claim to meet the requirements of APS330 as required by APR.. read more

It was only two weeks ago that we reported that the Reserve Bank of New Zealand had declared its support for the development of a covered bond market in New Zealand. Last week we noted that the RBNZ.. read more

Despite the brief change in mood, local credit markets remained devoid of issuance last week; but some activity was evident with a flurry of announcements, or rumours, of investor roadshows and new.. read more