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National Australia Bank has priced the first benchmark domestic senior-unsecured deal from a major bank since early 2020, finding strong investor support especially from other banks. The borrower says uncertainty remains prevalent but business momentum is likely to see it return to a more normal funding pattern going forward.
Supranational, sovereign and agency issuance in the Australian and New Zealand dollar markets rebounded in the first half of 2021 as conditions lined up much more favourably than they did throughout most of 2020. Of particular significance has been the emergence of new issuers and new green, social and sustainability bond programmes.
The Reserve Bank of New Zealand left the official cash rate on hold on 18 August, noting that a new nationwide lockdown makes the decision the best fit for its “no regrets” policy strategy. Before the latest COVID-19 outbreak began – just a day before the latest monetary-policy meeting – analysts and markets almost universally expected the reserve bank to begin a post-pandemic tightening cycle.