Australia/New Zealand bond house: ANZ

IFR Asia Awards 2020
3 min read
John Weavers

High standards

ANZ retained its position as the dominant Antipodean bond house after successfully adapting to an unprecedented year on both sides of the Tasman Sea.

“Our priority was to support clients by providing advice, liquidity and issuer access when the market began functioning again, which actually proved quicker than anticipated,” said Paul White, ANZ’s global head of syndication.

ANZ challenged for the top of the league table during the awards period, with a 14.1% share of the market. Its 79 trades encompassed a broad range of issuers, including high fee-paying sectors like corporates and financials.

ANZ participated in half of the Australian government’s eight syndicated post-shutdown sales in 2020, including September’s record-breaking A$25bn print of six-year Treasury bonds and the curve-extending A$15bn June 2051 issue.

The bank was at the forefront of an unusually busy corporate bond arena after Woolworths broke the drought with a A$1bn dual-trancher in May, and chalked up a landmark win in the hybrid sector with AusNet’s A$650m 60-year non-call five note – Australia’s largest domestic subordinated issue from a non-financial corporate issuer.

In the financial segment, ANZ participated in several benchmark sales from international banks, including the A$2.25bn Royal Bank of Canada Sydney branch three-year and A$500m Kiwibank five-year covered bonds as well as the senior UBS A$2.75bn triple-tranche three and five year and UOB A$750m five-year FRNs.

It was also a joint lead manager for the Macquarie Bank, Bank of Queensland and Westpac Additional Tier 1 capital notes, and led banks to access the senior and subordinated markets.

In the Kangaroo market, ANZ was on 12 tickets including the World Bank’s record-breaking A$1.1bn 5.5-year and A$550m 10-year sustainable development bonds.

This was just one of several ESG offerings that ANZ helped organise along with the Lendlease green seven-year note and the International Finance Corp and National Housing Finance and Investment Corp social bonds.

ANZ also self-led its own A$1.25bn offering of sustainable development goals Tier 2 notes, the largest green or sustainable issue in the Australian bank market and country’s first Tier 2 issue of its kind.

Across the Tasman Sea, ANZ maintained its overall dominance of the New Zealand dollar market, jointly leading both of Housing New Zealand’s wellbeing bond issues in addition to the Auckland Council, Mercury and Argosy Property green bonds.

ANZ headed the Kiwi league table for a remarkable 14th successive year, having helped arrange over two-thirds (42) of the 62 domestic and Kauri bond issues.

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