Westpac New Zealand is to hold a European investor roadshow commencing next Monday (31 August) ahead of a possible new covered bond issue.

Westpac NZ announced today (Monday) it has mandated BNP Paribas, UBS and Westpac to arrange a series of European investor meetings, which will take in Frankfurt, Munich, Zurich, Paris, Amsterdam and London, concluding on Tuesday, 8 September – the week of ECBC and Euromoney events in Barcelona.

Westpac NZ’s last benchmark covered bond was a Eu750m (NZ$1.27bn) five year deal that, in June 2014, became the first issued under New Zealand covered bond legislation. The issuer’s only other benchmark covered bond – a Eu1bn five year issued on a contractual basis – came in June 2011.

The most recent benchmark from New Zealand was a Eu750m seven year from ANZ Bank New Zealand on 14 January.