Barclays leaves Australia bond dealer panel

摘要

Barclays has resigned from New South Wales Treasury Corp's domestic benchmark bond dealerpanel, confirming the UK bank's plans to focus on offshore markets for Australian issuers. The resignation was hardly a surprise to market participants because Barclays has not been active in local markets recently. Still, it illustrates the difficulties many foreign lenders face in trying to gain market share in a market dominated by Aussie majors. The only deal Barclays worked on this year was as a co-lead manager on its Sydney branch's A$1.3bn (US$1.22bn) five-year print at the end of March. TCorp's panel membership, which allows banks to be considered as a bookrunner for the state funding arm's bond offerings, requires members to provide research, price making and sales services.