News
The resumption of central bank meetings and a weakening risk tone were not enough to stall primary flow in Australian dollars, with deals including the year's first nonbank securitisation transactions – from Plenti Finance and La Trobe Financial. Meanwhile, Heritage and People's Choice printed what it says is the largest local senior-unsecured deal from a mutual bank, while National Australia Bank joined major bank Australian dollar deal flow with a A$1.75 billion tier-two trade.
While Australia’s major banks have focused primarily – if not exclusively – on their domestic market for funding at the start of 2024, National Australia Bank demonstrated global appetite for these credits with a euro covered-bond return on 29 January. The €1.25 billion seven-year deal achieved record demand and price tightening for an Australian bank in this format, deal sources say, and reflects emerging appetite for longer duration in the region.