Westpac New Zealand’s covered bond was the first
under the country’s covered bond legislation. More
statutory deals are expected soon.
|Westpac is the
first to test New Zealand’s covered bond
Under the covered bond law, passed in December last year,
banks must register their programmes with the Reserve Bank
of New Zealand (RBNZ). All offerings are to be under New
Zealand’s statutory framework.
Westpac New Zealand was the first to register its
programmes and issue under its statutory framework. Its
€750 million five-year deal was reported to achieve the tightest spread and
lowest coupon of any of the country’s covered
Structurally, the Westpac bonds are no different...