Market Data Australasian covered bond Deals & League Tables

The covered bond asset class already looks set to be a major funding avenue for Australian borrowers, and KangaNews has responded by developing deal data and league tables for the product. These cover both Australian and New Zealand borrowers in all currencies, with private placement deals included in the data but not league tables. KangaNews aims to collate this data on an ongoing basis.

If you have any questions about the data or league tables, or wish to send deal data to KangaNews, please contact the editor, Laurence Davison, via [email protected].

Australasian covered bond DEALS PRICED jun 1 2010 – feb 22 2012

Settlement Issuer Currency Volume Maturity Coupon (%) LEAD Issuer/Issue Rating date (M) date /margin (S) S&P Moody's Fitch 16 Jun 10 Bank of New Zealand NZD 175 30 Jun 15 6 BNZ AA Aa2/Aaa AA/AAA 16 Jun 10 Bank of New Zealand NZD 250 30 Jun 17 6.425 BNZ AA Aa2/Aaa AA/AAA 23 Nov 10 BNZ International Funding EUR 1,000 23 Nov 17 3.125 BarCap, DB, JPM, NAB, RBS AA Aa2/Aaa AA/AAA 31 Mar 11 Bank of New Zealand NZD 300 31 Mar 19 3.9 BNZ AA Aa2/Aaa AA/AAA 14 Jun 11 BNZ International Funding AUD 700 14 Jun 16 6.25 NAB AA Aa2/Aaa AA/AAA 16 Jun 11 Westpac Securities NZ EUR 1,000 16 Jun 16 3.5 BarCap, BNPP, UBS, WIB AA Aa2/Aaa AA/AAA 20 Oct 11 ANZ National International EUR 500 20 Oct 16 3 ANZ, BarCap, BNPP, UBS AA- Aa2/Aaa AA/AAA 23 Nov 11 ANZ Banking Group USD 1,250 23 Nov 16 2.4 ANZ, Citi, Nomura, UBS, HSBC, MS AA- Aa2/Aaa AA-/AAA 28 Nov 11 Westpac Banking Corporation USD 1,000 28 Nov 16 2.45 BarCap, BAML, Nomura, WIB AA- Aa2/Aaa AA/AAA 20 Dec 11 National Australia Bank NOK 2,000 20 Dec 21 5 RBC AA- Aa2/Aaa AA/AAA 23 Dec 11 National Australia Bank NOK 500 20 Dec 21 5 RBC AA- Aa2/Aaa AA/AAA Dec 11 ASB Bank NZD 300 20 Dec 17 ND ND AA- Aa2/Aaa AA/AAA 30 Dec 11 National Australia Bank NOK 625 20 Dec 21 5 RBC AA- Aa2/Aaa AA/AAA 12 Jan 12 Commonwealth Bank of Australia EUR 1,500 12 Jan 17 2.625 BNPP, CBA, HSBC, RBS AA- Aa2/Aaa AA/AAA 13 Jan 12 National Australia Bank EUR 1,000 13 Jan 17 2.625 CS, DB, JPM, NAB AA- Aa2/Aaa AA/AAA 18 Jan 12 ANZ Banking Group EUR 1,000 18 Jul 22 3.625 ANZ, BarCap, Natixis, UBS, UniCredit AA- Aa2/Aaa AA-/AAA 20 Jan 12 National Australia Bank EUR 200 20 Jan 27 4.08 Citi AA- Aa2/Aaa AA/AAA 24 Jan 12 ANZ Banking Group NOK 2,000 24 Jan 22 5 RBC AA- Aa2/Aaa AA-/AAA 25 Jan 12 Commonwealth Bank of Australia AUD 2,000 25 Jan 17 5.75 CBA, Citi, HSBC, WIB AA- Aa2/Aaa AA/AAA 25 Jan 12 Commonwealth Bank of Australia AUD 1,500 25 Jan 17 90/BBSW CBA, Citi, HSBC, WIB AA- Aa2/Aaa AA/AAA 27 Jan 12 Commonwealth Bank of Australia NOK 1,875 27 Jan 22 5 RBC AA- Aa2/Aaa AA/AAA 27 Jan 12 Commonwealth Bank of Australia NOK 500 27 Jan 22 5 RBC AA- Aa2/Aaa AA/AAA 27 Jan 12 National Australia Bank GBP 500 27 Jan 15 145/Libor BarCap, Lloyds, NAB AA- Aa2/Aaa AA/AAA 27 Jan 12 Commonwealth Bank of Australia NOK 1,000 27 Jan 22 5 RBC AA- Aa2/Aaa AA/AAA 1 Feb 12 Commonwealth Bank of Australia EUR 109 1 Feb 27 3.815 ND AA- Aa2/Aaa AA/AAA 3 Feb 12 BNZ International Funding EUR 500 7 May 15 2.375 DZ, JPM, Natixis, NAB, RBS, UniCredit AA- Aa3/Aaa AA/AAA 6 Feb 12 Westpac Banking Corporation AUD 1,700 6 Feb 17 5.75 ANZ, CBA, HSBC, WIB AA- Aa2/Aaa AA/AAA 6 Feb 12 Westpac Banking Corporation AUD 1,400 6 Feb 17 165/BBSW ANZ, CBA, HSBC, WIB AA- Aa2/Aaa AA/AAA 8 Feb 12 Westpac Banking Corporation NOK 1,800 8 Feb 22 5 BAML AA- Aa2/Aaa AA/AAA 8 Feb 12 Westpac Banking Corporation NOK 1,000 8 Feb 22 5 BAML AA- Aa2/Aaa AA/AAA 13 Feb 12 ANZ Banking Group CHF 325 13 Feb 19 1.5 CS, UBS AA- Aa2/Aaa AA-/AAA 13 Feb 12 ANZ Banking Group CHF 400 13 Feb 15 65/CHF Libor CS, UBS AA- Aa2/Aaa AA-/AAA 27 Feb 12 ANZ National International CHF 200 27 Feb 15 80/Euribor CS, UBS AA- Aa3/Aaa AA-/AAA 27 Feb 12 ANZ National International CHF 300 27 Feb 18 1.5 CS, UBS AA- Aa3/Aaa AA-/AAA Jan 12 Bank of New Zealand NZD 225 1 Jan 19 ND BNZ AA- Aa3/Aaa AA/AAA Feb 12 ASB Bank NZD 200 1 Feb 19 ND ND AA- Aa3/Aaa AA/AAA

Source: KangaNew s february 22 2012

33|kanganews march 2012 33 Market Data Australasian covered bond Deals & League Tables

2011-ytd AUD Cumulative 2011-ytd AUD Cumulative (Including self-led deals) (excluding self-led deals)

Volume No. % Total Bookrunner volume No. % total (US$M Deals Volume (US$m Deals volume equiv.) Equiv.) Commonwealth Bank of Australia 1,721 4 22.6 HSBC 1,721 4 33.3 HSBC 1,721 4 22.6 Citi 909 2 17.6 Westpac Institutional Bank 1,721 4 22.6 Westpac Institutional Bank 909 2 17.6 Citi 909 2 11.9 ANZ 811 2 15.7 ANZ 811 2 10.6 Commonwealth Bank of Australia 811 2 15.7 National Australia Bank 744 1 9.8 TOTAL 5,162 100 TOTAL 7,627 100

2010-ytd Eur Cumulative 2010-ytd Eur Cumulative (Including self-led deals) (excluding self-led deals)

Volume No. % Total Bookrunner volume No. % total (US$M Deals Volume (US$m Deals volume equiv.) Equiv.) Barclays Capital 1,062 4 12.3 Barclays Capital 1,062 4 15.9 BNP Paribas 1,020 3 11.8 BNP Paribas 1,020 3 15.3 RBS Australia 867 3 10.0 RBS Australia 867 3 13.0 UBS Investment Bank 790 3 9.1 UBS Investment Bank 790 3 11.8 J.P.Morgan 701 3 8.1 J.P.Morgan 701 3 10.5 National Australia Bank 701 3 8.1 Deutsche Bank 592 2 8.9 Deutsche Bank 592 2 6.8 HSBC 485 1 7. 3 Commonwealth Bank of Australia 485 1 5.6 Natixis 364 2 5.5 HSBC 485 1 5.6 Unicredit 364 2 5.5 ANZ 426 2 4.9 Credit Suisse 320 1 4.8 Natixis 364 2 4.2 DZ Bank 109 1 1.6 Unicredit 364 2 4.2 TOTAL 6,674 100 Westpac Institutional Bank 363 1 4.2 Credit Suisse 320 1 3.7 DZ Bank 109 1 1.3 TOTAL 8,650 100

2011-ytd USD Cumulative 2011-ytd USD Cumulative (Including self-led deals) (excluding self-led deals)

Volume No. % Total Bookrunner volume No. % total (US$M Deals Volume (US$m Deals volume equiv.) Equiv.) Nomura 563 2 25.0 Nomura 563 2 33.3 ANZ 313 1 13.9 Citi 313 1 18.5 Citi 313 1 13.9 UBS Investment Bank 313 1 18.5 UBS Investment Bank 313 1 13.9 Bank of America Merrill Lynch 250 1 14.8 Bank of America Merrill Lynch 250 1 11.1 Barclays Capital 250 1 14.8 Barclays Capital 250 1 11.1 TOTAL 1,688 100 Westpac Institutional Bank 250 1 11.1 TOTAL 2,250 100

Criteria for all australian domestic market league tables: A$100m minimum size (except for increases, which are eligible if the original deal wasA $100m min); one-year minimum maturity or call date; issuer must be domiciled in Australia; pricing must be disclosed; deal must be syndicated; excludes asset-backed and hybrid securities; bookrunners given equal allocation.

Source: KangaNew s february 22 2012

34|kanganews march 2012 Market Data AU DOMESTIC & KANGAROO DEALS & LEAGUE TABLES

AU DOMESTIC DEALS PRICED jan 1 – feb 22 2012

settlement Issuer Volume Maturity Coupon Coupon (%) Bookrunner(s) issuer rating date a$m Type /margin S&P Moody’s Fitch 24 Jan 12 GPT Group 150 17 Jan 12 Fixed 6.75 CBA, UBS, WIB A- A3 25 Jan 12 Commonwealth Bank of Australia 2,000 17 Jan 12 Fixed 5.75 CBA, CITI, HSBC, WIB AA- Aa2 AA 25 Jan 12 Commonwealth Bank of Australia 1,500 17 Jan 12 FRN 90/BBSW CBA, CITI, HSBC, WIB AA- Aa2 AA 6 Feb 12 Westpac Banking Corporation 1,700 24 Jan 12 Fixed 5.75 BofAML, RBC AA- Aa2 AA 6 Feb 12 Westpac Banking Corporation 1,400 24 Jan 12 FRN 165/BBSW ANZ, CBA, HSBC, WIB AA- Aa2 AA 6 Feb 12 Australian Postal Corp 280 25 Jan 12 Fixed 5.50 ANZ, CBA, HSBC, WIB AA+ 3 Feb 12 Volkswagen Financial Services Australia 150 1 Feb 12 Fixed 7.0 0 ANZ, CBA A- A3 13 Feb 12 Rabobank Nederlandse Australia Branch 500 2 Feb 12 Fixed 6.50 ANZ, CBA, WIB AA Aaa 13 Feb 12 Rabobank Nederlandse Australia Branch 750 2 Feb 12 FRN 105/BBSW ANZ, CBA, WIB AA Aaa 15 Feb 12 National Australia Bank 750 8 Feb 12 Fixed 6.00 NAB AA- Aa2 AA 15 Feb 12 National Australia Bank 750 8 Feb 12 FRN 185/BBSW NAB AA- Aa2 AA 16 Feb 12 CFS Retail Property Trust (formerly Gandel Retail Trust) 100 9 Feb 12 FRN 160/BBSW CBA A 21 Feb 12 SPI Australia Assets 400 10 Feb 12 Fixed 6.25 ANZ, CBA, WIB A A3 TOTAL 10,430

AU DOMESTIC sovereign/Agency DEALS PRICED jan 1 – feb 22 2012

settlement Issuer Volume Maturity Coupon Coupon (%) Bookrunner(s) issuer rating date a$m Type /margin S&P Moody’s Fitch 9 Feb 12 Treasury Corporation of Victoria 500 9 Dec 13 FRN BBSW+10 DB AAA Aaa 9 Feb 12 New South Wales Trasury Corporation 300 9 Feb 15 FRN BBSW+20 WIB AAA Aaa 9 Feb 12 Treasury Corporation of Victoria 450 9 Dec 13 Fixed 3.985 ANZ AAA Aaa 16 Feb 12 Australian Capital Territory 250 7 Jun 18 Fixed 5.5 ANZ, UBS AAA 28 Feb 12 Commonwealth of Australia 910 21 Feb 22 Inflation-linked 1.25 BofAML, DB, RBS, UBS AAA Aaa AAA TOTAL 1,500

Kangaroo deals priced jan 1 – feb 22 2012

settlement Issuer Volume Maturity Coupon Coupon (%) Bookrunner(s) issuer rating date a$m Type /margin S&P Moody’s Fitch 19 Jan 12 KfW Bankengruppe 250 19 May 21 Fixed 6.25 ANZ,TD AAA Aaa AAA 27 Jan 12 Industrial Bank of Korea 350 27 Jan 15 FRN 305/BBSW ANZ, MS AAA A1 9 Feb 12 KfW Bankengruppe 400 9 Feb 22 Fixed 5.5 ANZ, RBS, TD AAA Aaa AAA 17 Feb 12 Korea Finance Corporation 250 17 Feb 16 FRN 305/BBSW ANZ, BAML, HSBC A A1 A+ 23 Feb 12 KfW Bankengruppe 500 23 Feb 18 Fixed 6.25 UBS, WIB AAA Aaa AAA 22 Feb 12 Hong Kong Mortgage Corporation 500 22 Feb 17 FRN 115/BBSW ANZ, HSBC, RBS AAA Aa1 TOTAL 2,250

Sovereign/Agency League Table Kangaroo league table (including self-led deals) Jan 1 – Feb 22 2012 Jan 1 – Feb 22 2012

Volume No. % Total Volume No. % Total (US$M Deals Volume (US$M Deals Volume equiv.) equiv.) Deutsche Bank 728 2 30.2 ANZ 683 5 30.4 ANZ 575 2 23.9 TD Securities 258 2 11.5 UBS Investment Bank 353 2 14.6 Morgan Stanley 175 1 7.8 Westpac Institutional Bank 300 1 12.4 RBS Australia 300 2 13.3 Bank of America Merrill Lynch 228 1 9.4 Westpac Institutional Bank 250 1 11.1 RBS Australia 228 1 9.4 UBS Investment Bank 250 1 11.1 TOTAL 2,410 100 HSBC 250 2 11.1 Bank of America Merrill Lynch 83 1 3.7 TOTAL 2,250 100

Source: KangaNew s february 22 2012

34|kanganews march 2012 35 Market Data AU DOMESTIC & KANGAROO League Tables

Australian Domestic Corporate Issuers Australian Domestic Corporate Issuers League Table League Table (including self-led deals) Jan 1 – Feb 22 2012 (excluding self-led deals) 1 Jan – Feb 22 2012

Volume No. % Total Bookrunner volume No. % total (US$M Deals Volume A$m Deals volume equiv.) HSBC Bank Australia 1,650 2 22.7 Commonwealth Bank 2,490 7 23.9 Commonwealth Bank 1,615 6 22.2 Westpac Institutional Bank 2,250 5 21.6 Westpac Institutional Bank 1,475 4 20.3 HSBC Bank Australia 1,650 2 15.8 ANZ 1,465 4 20.1 National Australia Bank 1,500 1 14.4 Citigroup 875 1 12.0 ANZ 1,465 4 14.0 Bank of America Merrill Lynch 75 1 1.0 Citigroup 875 1 8.4 RBC Capital Markets 75 1 1.0 Bank of America Merrill Lynch 75 1 0.7 UBS 50 1 0.7 RBC Capital Markets 75 1 0.7 TOTAL 7,280 100 UBS Australia 50 1 0.5 TOTAL 10,430 100

All Domestic Vanilla Issuers All Domestic Vanilla Issuers (Corporate + Sovereign/Agency) League Table (Corporate + Sovereign/Agency) League Table (including self-led deals) Jan 1 – Feb 22 2012 (excluding self-led deals) Jan 1 – Feb 22 2012

Volume No. % Total Bookrunner volume No. % total (US$M Deals Volume A$m Deals volume equiv.) ANZ 2,040 6 21.1 Westpac Institutional Bank 2,550 6 19.9 Westpac Institutional Bank 1,775 5 18.3 Commonwealth Bank of Australia 2,490 7 19.4 HSBC 1,650 2 17.0 ANZ 2,090 6 15.9 Commonwealth Bank of Australia 1,615 6 16.7 HSBC 1,650 2 12.9 Citi 875 1 9.0 National Australia Bank 1,500 1 11.7 Deutsche Bank 728 2 7.5 Citi 875 1 6.8 UBS Investment Bank 403 3 4.2 Deutsche Bank 728 2 5.7 Bank of America Merrill Lynch 303 2 3.1 UBS Investment Bank 403 3 3.1 RBS Australia 228 1 2.3 Bank of America Merrill Lynch 303 2 2.4 RBC Capital Markets 75 1 0.8 RBS Australia 228 1 1.8 TOTAL 9,689 100 RBC Capital Markets 75 1 0.6 TOTAL 12,839 100

All-AUD Domestic Vanilla All-AUD Domestic Vanilla (Kangaroo + Corporate + Sovereign/Agency) (Kangaroo + Corporate + Sovereign/Agency) League Table League Table (including self-led deals) Jan 1 – Feb 22 2012 (excluding self-led deals) Jan 1 – Feb 22 2012

Volume No. % Total Bookrunner volume No. % total (US$M Deals Volume A$m Deals volume equiv.) ANZ 2,723 11 22.8 Westpac Institutional Bank 2,800 7 18.6 Westpac Institutional Bank 2,025 6 17.0 ANZ 2,723 11 18.0 HSBC 1,900 4 15.9 Commonwealth Bank of Australia 2,490 7 16.5 Commonwealth Bank of Australia 1,615 6 13.5 HSBC 1,900 4 12.6 Citi 875 1 7. 3 National Australia Bank 1,500 1 9.9 Deutsche Bank 728 2 6.1 Citi 875 1 5.8 UBS Investment Bank 653 4 5.5 Deutsche Bank 728 2 4.8 RBS Australia 528 3 4.4 UBS Investment Bank 653 4 4.3 Bank of America Merril Lynch 386 3 3.2 RBS Australia 528 3 3.5 TD Securities 258 2 2.2 Bank of America Merrill Lynch 386 3 2.6 Morgan Stanley 175 1 1.5 TD Securities 258 2 1.7 RBC Capital Markets 75 1 0.6 Morgan Stanley 175 1 1.2 TOTAL 11,940 100 RBC Capital Markets 75 1 0.5 TOTAL 15,090 100

Source: KangaNew s february 22 2012

36|kanganews march 2012 COVERED BONDS: DOMESTIC DEALS QUEENSLAND: FOR AUSSIE BANKS TREASURER VIEWSTATE USPP: INVESTORS AS BORROWING FALLS DISCUSS OUTLOOK AND AUSTRALASIA

Volume 7 issue 57 _ Kangawww.kanganews.com February 2012 AUSTRALASIAN FIXED INCOME: G NewsLOBAL REACH, LOCAL EXPER TISE

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