Debt Investor Relations

ASB Bank Limited (ASB) is a wholly owned subsidiary of the Commonwealth Bank of Australia (CBA) and a full service, nationally operating bank in New Zealand.

Founded in 1847 as the “Auckland Savings Bank”, the bank was 75% acquired by CBA in 1989 and became a full subsidiary in 2000. Today we serve over 1.6 million individual, business and rural customers across New Zealand.

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Funding Strategy

Our funding strategy derives from the nature of the bank's business and its balance sheet. Over half of the bank's assets are residential mortgages and the bank is primarily funded through customer deposits. ASB strives to match fund the behavioural maturity of its assets. Long term wholesale funding is used to meet the residual core funding task, while short term wholesale funding is primarily used to fund liquid assets.

ASB seeks to diversify its funding across formats, currencies and tenors. We have short and medium term borrowing programmes in domestic and offshore markets. In offshore markets (except USMTN) we issue via ASB Finance Limited, acting through its London Branch.

Our funding programmes include:

  • Euro Commercial Paper
  • US Commercial Paper
  • Euro Medium Term Notes (EMTN)
  • US Medium Term Notes (USMTN)
  • Covered Bonds
  • Domestic Medium Term Notes
  • Domestic RCDs

ASB manages funding and liquidity to meet the Reserve Bank of New Zealand's prudential standards for one month and one week mismatch ratios (similar to LCR) and the core funding ratio (similar to NSFR). ASB's funding also contributes to our parent Commonwealth Bank of Australia's liquidity position which is regulated by the Australian prudential regulator APRA. ASB manages to Board and ALCO mandated internal stress tests including Name Crisis modelling and APRA/RBNZ liquidity and funding stress scenarios.

Investor Presentations

Debt Investor Presentation - Full Year 2021

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Investor Presentation - December 2020

Disclosure Statements

Please find our most recent financial results and Disclosure Statements below. For all NZX announcements, please visit our Media Centre.

Covered Bonds

ASB has a covered bond programme that is registered with the RBNZ in accordance with The Reserve Bank of New Zealand (Covered Bonds) Amendment Act 2013. ASB’s covered bonds are rated AAA and Aaa by Fitch and Moody’s respectively and are governed by English Law. The collateral is prime, first ranking residential mortgages in New Zealand.

For more information about ASB’s covered bond programme, including monthly investor reports, please visit our dedicated covered bond site.

EMTN Documentation

Please find documentation for ASB’s Euro Medium Term Note (EMTN) Programme below. For covered bond programme documentation, please see our dedicated covered bond site.

Credit Ratings

See below the list of ASB's credit ratings and most recent reports.

See here for CBA's credit ratings.

Long term
Short Term
Fitch Ratings
Standard & Poor's
Moody’s Baseline Credit Assessment (BCA)
Standard & Poor’s Stand Alone Credit Profile (SACP)
Fitch Viability Rating


ASB's key funding contacts are listed below. You can also reach the team at funding@asb.co.nz.

Chandu Bhindi


Steve Lucas

Head of Funding & Capital

ASB Finance is also on the Bloomberg Terminal at: ASBF<GO>