National Australia Bank is an odds-on favourite to join ANZ Banking Group and Westpac Banking Corp with an Australian dollar deal as early as Friday, while investors are tipping Westpac to go offshore next week and NAB soon after.The window’s wide open for the banks, which are hitting local bond markets on results day before heading offshore in the week or so after.
The Euro deal, via its own desk, Barclays, BNP Paribas and HSBC, saw the bank issue short two-year covered bonds with November 2024 maturities. It paid 14 basis points above mid-swaps, which wasThe ANZ deal went off without a hitch, with investors told there was €2.6 billion in bids and 75 investors.
NAB’s expected to start in the Australian market - as ANZ and Westpac also did on results day - before going offshore. The biggest talking point about ANZ’s bond was the short two-year maturity. The bank’s treasury team went with a two-year deal to plug what it thought was a gap in its maturity profile, and ended up paying less than CBA did for its three-year money as a result.