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Investors packed into the first deals of the new year from Australia’s major banks – at home and in global markets – despite spreads verging on historically tight levels. Issuers say tailwinds from 2024 continued to underpin demand, provided execution was managed well in a particularly busy global primary market.
ANZ Banking Group completed a two-part euro bond deal, comprising a €1.25 billion senior-unsecured bond and a €1 billion tier-two SDG bond, on 22 January. The transactions attracted a combined order book of more than €3.9 billion and the issuer says it achieved pricing flat-to-inside domestic comps including a greenium on the tier-two notes.
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After a tumultuous start to the week in global markets, conditions appeared to have settled by 7 August. But Australian credit market participants agree that even if the equity market correction proves to be short-lived there needs to be a consolidation period before the impact on issuance conditions is fully understood.
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Market participants say the value of Australia’s sustainable finance roadmap – released by federal Treasury on 19 June – is not discovering new ground but providing direction by tying existing strands of work together in a tangible timeline. The main benefit is clarity on the direction of travel and guidance on key actions and next steps, including who will be doing what and an eye to future policy direction.
With the inclusion of a scope-three emissions target and neutral zone, deal sources argue that Cromwell Property Group’s dual-labelled sustainability-linked loan and green loan stands out from what has been done before. In particular, the structure further tightens the link between the borrower’s corporate objectives and its financing.
Lead managers on Banco Santander’s first-ever tier-two deal in the Kangaroo market highlight “insatiable” demand for the asset class, suggesting interest should be strong enough to support follow-on supply. The domestic real-money bid came through for Santander, facilitating a significant price compression and notable performance on the break.
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