Aussie market finds new depth
* RBC Sydney prints record A$1.5bn bond
* Deal comes right after record corporate bond by Aurizon
* Market becoming viable funding avenue
By John Weavers
SYDNEY, Oct 25 (IFR) - Royal Bank of Canada, Sydney branch, turned heads on October 22 with a record-breaking local debut that showed the Australian dollar market might be deeper than many had thought.
The A$1.5bn (US$1.448bn) three-year floating-rate note is the biggest senior unsecured deal to date from any bank other than the country's four major lenders.
The previous chart topper was Bank of Queensland's A$1.25bn four-year floater at the end of 2009, which enjoyed the benefit of a Commonwealth Government guarantee.
RBC's ground-breaking deal came only days after Aurizon Network rewrote the local corporate record books with its inaugural offering on October 18.
Aurizon's A$525m 5.75% seven-year bond is the largest Triple B rated local corporate issue, as well as the country's biggest seven-year corporate paper. Continued...