Asia-Pacific New Issues: NAB 3-tranche covered bonds; Aussie banks go overseas

Pipeline welding
;
NAB's 3-tranche covered bonds have been the highlight in new AUD bond issuance this week. Aussie banks have been active in the overseas markets.

Start a free trial to read this article

Join today to access all  Total Derivatives content and breaking news. Already a subscriber? Please Log In to continue reading.


Or contact our Sales Team to discuss subscription options.

Get in Touch

  • NAB mega AUD covered bonds; Australian banks go overseas

  • New issues

 

NAB mega AUD covered bonds; Australian banks go overseas

There have been a couple of small-sized new AUD bonds this week, except for NAB’s mega deal which involves raising AUD4.75bn via selling a 3-tranche AAA-rated covered bond deal. Australian banks, on the other hand, have been active issuing in bonds denominated in foreign currencies including HKD, GBP, SGD, and USD.

 

 

New issues:

AUD new issues

  • LBBW sold AUD35m in 3.600%, December 16, 2024 bonds. Lead is DK Bank.

     

  • IFC increased the size of its existing 3.6% February 24, 2026 Kangaroo bonds by AUD250m to bring the new size to AUD1bn.Priced at 63.45bps over ACGBs.

     

  • NAB self-led AUD4.75bn in the following “AAA” rated covered bonds:

     

    • AUD450m, 4.650%, November 25, 2025.

    • AUD1.65bn,November 25, 2025 FRNs that pay 92bps over AUD 3M BBSW.

    • AUD550m in 4.950%, November 25, 2027.

    • AUD2.1bn, November 25, 2027 FRNs that pay AUD 3M BBSW + 120bps.

     

  • Q Bank Ltd raised AUD40m via selling FRNs in two equal tranches as follows:

     

    • December 1, 2023 paying AUD 3M BBSW + 90bps.

    • December 6, 2025 paying AUD 3M BBSW + 175bps.

     

  • New South Wales Treasury Corp added AUD500m to its existing May 26, 2028 FRNs to bring the new size of the line to AUD3.38bn. The deal pays AUD 3M BBSW + 19bps.

     

  • Toyota Finance Australia sold AUD104.7m in 4.710%, December 18, 2027.

     

  • Transpower New Zealand issued AUD200m in 4.977% November 29, 2028 bonds at 110bps over ASWs. Lead is Westpac.

 

Australian issuers in foreign bonds

  • ANZ issued via Rabobank GBP140m in January 4, 2024 FRNs that pay GBP SONIA + 50bps.

     

  • CBA issued the following bonds via Natix:

     

    • SGD114.5m, 4.700%, December 06, 2023.

    • USD150m in December 05, 2023 FRNs that pay UAD O/N SOFR + 71.5bps.

    • HKD800m in 5.47%, December 1, 2023 bonds via HSBC.

     

  • Toyota Finance Australia sold USD147.9m, 4.690%, November 18, 2027 bonds via MUFG.

     

  • Westpac Banking Corp sold USD15m in 4.788%, November 26, 2032 bonds via Barclays.

 

JPY new issues

  • East Nippon Expressway raised JPY96bn via selling the following bonds:

     

    • JPY16bn, 0.374%, December 20, 2029 at JGBs + 23bps.

    • JPY20bn, 0.499%, November 30, 2032 at JGBs + 25.5bps.

    • JPY60bn, 0.320%, September 17, 2027 at JGBs + 25bps.

     

  • Fukuoka Prefecture sold JPY5bn in 0.563%, November 28, 2042 bonds at JGBs + 24bps.

     

  • Hokuriku Electric Power issued the following bonds:

     

    • JPY10.6bn, 1.400%, November 25, 2042.

    • JPY15.3bn, 1.000%, November 25, 2032.

    • JPY18.5bn, 0.580%, April 25, 2028.

     

  • JFM raised JPY11bn via selling the following bonds:

     

    • JPY3bn, 0.627%, March 27, 2034.

    • JPY4bn, 0.286%, November 28, 2029.

    • JPY4bn, 0.393%, November 27, 2031.

     

  • Kyushu Electric Power Co issued JPY26bn in 0.450%, November 25, 2025 bonds.

     

  • Kyushu Railway sold JPY25bn worth of bonds as follows:

     

    • JPY10bn, 0.335%, November 25, 2027 at JGBs + 27bps.

    • JPY10bn, 0.649%, November 25, 2032 at JGBs + 40.5bps.

    • JPY5bn, 0.220%, November 25, 2025 at JGBs + 24.9bps.

     

  • Mitsui Fudo Logistics sold JPY2bn in 0.820%, November 25, 2032 bonds.

     

  • Minebea Mitsumi issued JPY25bn in 0.420%, November 25, 2027 bonds.

     

  • Mitsui Mining & Smelting Co Ltd sold JPY10bn in 0.58%, November 29, 2027 bonds.

     

  • Toyota Tsusho priced JPY15bn in 0.684%, November 25, 2032 bonds at JGBs + 44bps.

     

  • Ube Corp raised JPY10bn via selling bonds in two equal tranches as follows:

     

    • 0.530%, November 25, 2027 at JGBs + 45bps.

    • 0.970%, November 25, 2032.

     

  • West Japan Railway priced JPY10bn in 0.629%, November 25, 2032 bonds at JGBs + 38.5bps.

     

  • Yokohama City issued JPY10bn in 0.499%, December 30, 2032 bonds.