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INSIDE the GLOBAL BANK SECTOR Kanganews’S First Annual Guide to Global Financial Institutions, with a Focus on the Australian Dollar Funding Market

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INSIDE the GLOBAL BANK SECTOR Kanganews’S First Annual Guide to Global Financial Institutions, with a Focus on the Australian Dollar Funding Market FINANCIAL INSTITUTION YEARBOOK DEC 18/JAN 19 SUPPLEMENT_VOL 13 ISSUE 110 www.kanganews.com AUSTRALASIAN FIXED INCOME: GLOBAL REACH, LOCAL EXPERTISE INSIDE THE GLOBAL BANK SECTOR KangaNews’s first annual guide to global financial institutions, with a focus on the Australian dollar funding market SPONSORED BY SUBSCRIBE TODAY current issue + supplement KangaNews is a one-stop information source on the AUD and NZD bond markets. Each issue provides all the information market participants need to keep up to date with the deals and trends making headlines in the markets; in-depth issuer and investor insights; deal and league tables; and statistics. Subscribers also have access to email updates on breaking deals and news from the KangaNewsAlert service, as well as all the data on www.kanganews.com To subscribe or request a free trial please contact Jeremy Masters t. +61 2 8256 5577 e. [email protected] KangaNews SUPPLEMENT TO DEC 18/JAN 19 EDITION VOLUME 13 ISSUE 110 www.kanganews.com Head of content and editor Contents LAURENCE DAVISON [email protected] ROUNDTABLE Senior content manager and deputy editor GLOBAL PERSPECTIVES HELEN CRAIG [email protected] ON BANK FUNDING Staff writer MATT ZAUNMAYR 12The international bank debt-issuance market is constantly [email protected] evolving. KangaNews speaks to funding executives from Editorial research assistant Asia, Australia, Europe, Japan and North America to get LUKE SWISS the latest on market conditions and outlook. Head of commercial JEREMY MASTERS 24_ [email protected] BNP Paribas 2 25_ Sales support officer MARKET NEWS YAZZY MCGUID Trends in the Australian financial Canadian Imperial Bank of Commerce [email protected] 26_ institution funding and capital space Commonwealth Bank of Australia including issuance timing patterns, an Chief executive 28_ Australian take on TLAC global-bank SAMANTHA SWISS , Commerzbank [email protected] TLAC issuance, Canadian bank supply 29_ and sustainability themed bank bonds. DBS Design consultants 30_ HOBRA (www.hobradesign.com) Groupe BPCE Photography 7 31_ DAVID SMYTH PHOTOGRAPHY, JULIAN Handelsbanken FEATURE WATT PHOTOGRAPHY, BEDFORD 32_ PHOTOGRAPHY (SYDNEY), TIM Stable ground Hypo Vorarlberg TURNER (MELBOURNE), THE PHOTO (WELLINGTON), DANNY STEYN Global issuance by financial 33_ PHOTOGRAPHY (MIAMI), GEORGE ARCHER institutions has been informed Landesbank Baden-Württemberg (LONDON), TIGER TIGER (AUCKLAND), 34_ STIRLING ELMENDORF PHOTOGRAPHY, in recent years by regulatory SEAN BRECHT PHOTOGRAPHY (TOKYO) requirements implemented in the Lloyds Banking Group decade following the 2008 financial 35_ Mizuho KangaNews, ISSN 1751-5548 (PRINT); crisis. The market is reaching a 37_ ISSN 2207-9165 (ONLINE), IS PUBLISHED new equilibrium, but challenges – MUFG Bank SIX TIMES A YEAR BY BONDNEWS LIMITED including macroeconomic conditions AND DISTRIBUTED FROM SYDNEY, 38_ AUSTRALIA. PRINTED IN AUSTRALIA BY and benchmark reform – remain on National Australia Bank SPOTPRESS, FOR, AND PUBLISHED BY, the horizon. BONDNEWS LIMITED, LYNTON HOUSE, 7-12 40_ TAVISTOCK SQUARE, LONDON WC1H 9LT, Rabobank UNITED KINGDOM 42_ Shinhan Bank © BONDNEWS LIMITED 2018. 19 REPRODUCTION OF THE CONTENTS ISSUER PROFILES 43_ OF THIS MAGAZINE IN ANY FORM IS KangaNews is proud to present key Societe Generale PROHIBITED WITHOUT THE PRIOR 44_ CONSENT OF THE PUBLISHER. data and information on 23 global SMFG/SMBC bank issuers active in the Australian 46_ dollar market. The issuer section Suncorp-Metway includes funding strategy information 48_ as well as corporate and debt data on TD profiled borrowers. 50_ Westpac Banking Corporation CAB average net 19_ distribution 3,262 for ABN AMRO six-month period ending 20_ SPONSORED BY: 30 September 2018. ANZ 22_ Bank of America Merrill Lynch MARKET NEWS MARKET ANALYSIS Timing their run: FI issuance European banks also tend to issue Australian dollars in clusters, albeit across patterns in the Australian multiple asset classes. US banks have been virtually absent in recent years due dollar market to regulations which inhibit issuance not governed by US law. More recently, The pattern of Australian dollar issuance by financial “hybrid” documentation has been institutions (FIs) since the middle of the current decade (see developed to allow Kangaroo issuance chart) indicates a number of relatively reliable execution under New York law. Two US-based windows. The timing of Australian dollar FI issuance is weighted banks – Goldman Sachs and J.P. Morgan toward the beginning and middle of each quarter while the – have successfully priced Kangaroo second half of the year sees a notable drop-off in volume. transactions in 2018. Tandon says this documentation poorva Tandon, director, billion respectively, compared with an is now well accepted by the Australian syndicate and capital markets average total volume between 2010 and dollar investor base, which should Aat TD Securities in Singapore, 2015 of A$50.9 billion. encourage further US issuers to return. says this reflects similar reporting cycles The timing of transactions by banks But, he adds, the callable feature of and blackout periods for FIs across from some jurisdictions, such as those the two recent US deals is still playing jurisdictions. He also suggests that from Korea and the Middle East, tends out and will require more work with issuance patterns demonstrate capacity to be even more clustered. Tandon says investors to support rejuvenated flow. is rarely tested in Australian dollars. this reflects the fact that these issuers FIs will have varying degrees “The concentration of issuance speaks typically have smaller deal sizes and less of engagement with the Australian to the depth of the Australian dollar frequent flow, so they tend to rely on the market, but Tandon is confident that market – on- and offshore – in its ability issuance of a national leader to refresh establishing a presence is worthwhile to support various deals from different pricing levels and re-establish demand. regardless of the size or frequency with jurisdictions in quick succession and in Once a new price point is live, peers will which an issuer might need the market. increasing volume.” likely take the opportunity to follow. “The investor work is appreciated by FI issuance in Australia has reached “Secondary trading is sometimes the buyer base and, once a presence is a new level in recent years. According limited for less frequent issuers, too,” established, issuers should be confident to KangaNews data, total volume in Tandon adds. “A national-champion in the market’s ability to support 2018 to mid-November is A$64.9 billion issuer can help reset the price level, regular benchmark issuance – including (US$47.2 billion). In 2016 and 2017, total making it easier for peers and smaller Kangaroo issuance – as a regular feature volume was A$63.9 billion and A$59.7 institutions to come to market.” of their funding plans,” he says. AVERAGE AUSTRALIAN DOLLAR FINANCIAL-INSTITUTION ISSUANCE, 2015-2018 YTD Domestic Kangaroo EMTN/GMTN 3,500 3,000 2,500 2,000 1,500 1,000 ISSUANCE VOLUME (A$M) VOLUME ISSUANCE 500 0 Week 1 Week 1 Week 1 Week 1 Week 1 Week 1 Week 1 Week 1 Week 1 Week 1 Week 1 Week 1 Week 2 Week 3 Week 2 Week 3 Week 2 Week 3 Week 2 Week 3 Week 2 Week 3 Week 2 Week 3 Week 2 Week 3 Week 2 Week 3 Week 2 Week 3 Week 2 Week 3 Week 2 Week 3 Week 2 Week 3 Week 4 Week 4 Week 4 Week 4 Week 4 Week 4 Week 4 Week 4 Week 4 Week 4 Week 4 Week 4 January February March April May June July August September October November December SOURCE: TD SECURITIES NOVEMBER 2018 2|KANGANEWS/TD SECURITIES FINANCIAL INSTITUTION YEARBOOK DEC 18/JAN 1 9 SECTOR ANALYSIS for the majors should have a manageable Australian dollar tier-two cost impact. The regulator says: “The proposed changes are expected to capacity could be set for a test marginally increase each major bank’s cost of funding – incrementally over Australia’s big-four banks could triple their issuance of tier- four years – by up to 5 basis points based two instruments to meet the local equivalent of a total loss- on current pricing. This is not expected absorbing capacity (TLAC) regime, according to the Australian to have an immediate or material effect Prudential Regulation Authority (APRA). on lending rates.” he Australian regulator proposed absorbing capacity that is simple, flexible ISSUANCE VOLUME an updated capital-adequacy and designed with the distinctive features The volume of issuance required will Tregime on 8 November, of the Australian financial system in be significant, however. The big four suggesting tier-two will carry most of the mind”. will need an aggregate additional A$70 weight of a 4-5 per cent increase in total In practice, this means two things: billion (US$50.7 billion) of capital over capital requirement for the majors. increasing the total capital requirements the next four years, based on current The proposed capital update is not of the big-four authorised deposit-taking balance-sheet size, to meet the proposed strictly an Australian TLAC regime, institutions (ADIs) and allowing the changes. as TLAC is only required of global increase to be filled with any form of If a significant proportion of this systemically important banks under capital. new supply is targeted at the Australian international regulatory standards. APRA expects the majors to lean on dollar market it would mark a major However, market participants have the cheapest-to-issue form of capital to step-up in tier-two issuance volume in long expected APRA to introduce bridge the gap to the new requirement. the currency. The big four have settled an “ALAC” standard for Australia’s It says: “As ADIs will be able to use any into a routine of issuing not much more domestic systemically important banks – form of capital to meet increased total than A$1 billion of tier-two securities specifically, the four majors.
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