(23 June 2011 – New Zealand) ANZ Banking Group’s New Zealand subsidiary has postponed the launch of its planned inaugural euro-denominated covered bond.ANZ National concluded a European investor roadshow two weeks ago, but according to one of the banks that arranged the meetings: ‘They don’t want to be out there paying a bigger premium than they would in any other market because of the current situation with Greece.’
At the time of the roadshow, an ANZ spokeswoman said the deal – which will be fully-backed by prime New Zealand residential mortgages – would be launched ‘subject to market conditions’.
A syndicate banker working on the transaction said it was too soon to say when ANZ might decide to launch the bond.