In brief: National Australia Bank has issued a NZ$350m (A$301.1m/Eu210.6m) 10 year deal, which is understood to be the first Kauri covered bond.

BNZ and TD Securities lead managed the New Zealand-targeted transaction, which came with a 5.59% coupon and was priced at 105bp over mid-swaps.

NAB has also issued benchmark covered bonds in US dollars and euros this year.

New Zealand covered bond legislation is making its way through the country’s parliament.