News

QBE Insurance Group is the latest borrower to find ample demand for Australian dollar tier-two issuance, securing a more than four-times oversubscribed orderbook for its second subordinated deal of the year. The transaction forms part of the group’s new Australian dollar focus, having previously completed most of its funding in US dollars.

Maximising its access to capital across the stack was the primary motivating factor for Judo Bank to bring its first-ever additional tier-one deal to market. The issuer elected to use retail format for the deal despite revived regulatory scrutiny of this avenue of distribution but says its small scale of issuance means the wholesale option would likely be available should it be needed in future.