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Wednesday, 16 January 2019

Australia/New Zealand Bond House

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In a year book-ended by heightened volatility, ANZ’s broad-based debt platform paid dividends for its clients both in Australia and beyond.

ANZ handled 55 domestic Australian issues during IFR’s review period for a table-topping market share of nearly 15%, dominated the global Australian dollar market and reaffirmed its leadership in New Zealand.

It won business from banks, corporate issuers, sovereigns and agencies, and added to its credentials in senior debt, covered bonds and securitisations.

“While some other banks tend to specialise in niche arenas, ANZ has a broad reach across all asset classes as the leading house in both primary and secondary markets in Australia and New Zealand,” said global head of syndication Paul White.

ANZ was at the heart of the year’s major developments. It was the only bank to serve as a joint lead on all four Australian dollar Globals from US banks, tracking a move away from the Kangaroo format in response to new capital requirements for systemically important banks.

It was also the only Australian bank to feature on either of 2016’s two jumbo Kangaroos from the US corporate sector, helping Coca-Cola raise A$1bn from its inaugural trade Down Under on June 1, two days before it brought Apple back to the market for A$1.425bn.

ANZ also arranged Kangaroos for regular SSA issuers, including African Development Bank, KfW and Rentenbank, while helping Korea National Oil Corporation overcome February’s difficult backdrop to print a A$325m three-year FRN.

Its domestic book of business included four issues for Bank of Queensland and all of Suncorp’s financings during the review period, including a A$350m 10-year covered trade in August. Qantas Airways’ A$425m seven and 10-year sale in late September was a highlight in the corporate market.

In the sovereign market ANZ was one of six banks chosen for Australia’s record-breaking A$7.6bn 30-year Treasury bond in October, and was involved in eight syndicated issues from state governments.

ANZ continued its focus on prime RMBS, and was sole lead on the first asset-backed trade of the year, CNH Capital’s securitisation of agricultural and construction equipment.

Across the Tasman Sea, ANZ expanded its already impressive credentials as New Zealand’s number one bookrunner for the 10th year running with a 32% market share from 35 transactions.

The bank led telecom company Spark’s 10-year retail note, and was joint or sole lead on the year’s largest Kauri bonds, including Export Import Bank of Korea’s well received debut.

To see the digital version of this report, please click here

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