- 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.
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.