In brief: Suncorp has issued a prospectus for a US$5bn covered bond programme dated today (Thursday).

Barclays and Deutsche Bank are arrangers for the programme (Eu3.95bn and A$5.04bn equivalent), which is in the name of Suncorp-Metway Limited.

The move was expected, after Suncorp Bank CEO David Foster said in March that the bank was considering issuance, and rumours of a programme being arranged by the two European banks had already circulated.

Suncorp is Australia’s fifth largest bank and will be the fifth Australian issuer of covered bonds alongside the country’s big four.

The prospectus can be found here.