Tough market postpones ANZ euro deal
(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.
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.
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