A$100m from a 30-year syndicated offering
via sole lead manager CBA.
TCV’s November 6 2047s priced at 99.915
to yield 4.005%, 51.25bp wide of the March
2047 ACGB.
On Friday, NORTHERN TERRITORY TREASURY
CORP, rated Aa2 (Moody’s), issued a
A$$155m 25-year bond with ANZ and UBS as
arrangers.
The 4.10% November 21 2042s priced at
99.689 for a yield of 4.12%, 95bp over the
June 2039 ACGB.
› SUNCORP OPENS AT1 OFFER
SUNCORP GROUP has allocated A$300m of
perpetual non-call 6.5-year Additional Tier
1 notes, Suncorp Capital Notes 2, following
the bookbuild, and set the margin at the
tight end of BBSW plus 365bp–385bp
guidance.
Pricing is 10bp inside the 375bp margin
Bendigo and Adelaide Bank set for its
perpetual non-call 6.5-year AT1 notes (CPS4)
on October 23.
The final size will depend on
the accepted applications from the
reinvestment offer for holders of Suncorp’s
outstanding A$560m convertible preference
shares (CPS2) issued in 2012, which are due
to be called on December 18.
The reinvestment offer closes on
November 17, while the broker firm offer
closes on November 23.
UBS is arranger and a joint lead manager
with ANZ, Morgans, NAB and Westpac.
› MEB SELLS THREE-YEAR FLOATER
MEMBERS EQUITY BANK, rated Baa1/BBB
(Moody’s/S&P), issued a A$300m three-year
floating-rate note last Wednesday at three-
month BBSW plus 125bp, 5bp tighter than
130bp area final price guidance and 10bp
below initial talk in the 135bp area.
Pricing compares with the current
58bp–60bp clearing rate for a new three-
year benchmark from Australia’s Aa3/AA–/
AA– rated major banks, according to local
syndication desks.
ME Bank also repurchased A$25.5m of its
November 17 2017 FRN at BBSW plus 68bp,
equivalent to a clean cash price of 100.010.
CBA, NAB and UBS were joint lead
managers on the transactions.› OCBC SYDNEY ADDS TO 2020SOVERSEA-CHINESE-BANKING CORP, Sydney branch
(Aa1/AA–/AA–), tapped its October 6 2020
floating-rate note for A$200m last Monday,
lifting the issue size to A$500m.
Westpac was sole lead manager for the
reopening, which was priced at 100.228,
59bp wide of three-month BBSW.
OCBC Sydney raised A$300m from the
initial three-year sale on September 25,
priced at three-month BBSW plus 60bp.› AFDB TAPS GREEN KANGAROOAFRICAN DEVELOPMENT BANK, rated Aaa/AAA
(Moody’s/S&P), tapped its 3.5% December 15
2031 Green Kangaroo bond for A$60m last
Tuesday, increasing the outstanding size to
A$115m.
The reopening priced at 100.747 to yield
3.4325%, 50bp wide of asset swaps and
57.25bp over the April 2029 ACGB.
Nomura was sole lead manager for the
addition, having also arranged the initial
A$55m 15-year print on December 6 2016,
priced at 98.829 for a yield of 3.605%,
58.25bp wide of the April 2029 ACGB.
The net proceeds from the notes will be
allocated to a sub-portfolio within AfDB’s
treasury, linked to the supranational’s
climate-change lending.
AfDB’s tap takes 2017 green, social andsustainable bond issuance in Aussie dollars
and Australian credit bond sales offshore
up to A$3.7bn-equivalent from nine credits.
This represents a huge increase from the
respective 2014, 2015 and 2016 full-year
totals of A$1.0bn, A$1.4bn and A$1.1bn,
involving three, three and five issuers.› SUPRANATIONAL DUO ADDS TO 2027SAFRICAN DEVELOPMENT BANK tapped its 3.30%
July 27 2027 Kangaroo bond for A$50m last
Tuesday, taking the total outstanding size
to A$520m.
The reopening priced at 101.181 to yield
3.1575%, 47bp wide of asset swaps and 53bp
over the April 2027 ACGB.
The following day, INTERNATIONAL FINANCE
CORP added A$50m to its 3.2% October
2027s, increasing the issue size to A$350m.
The tap had a reoffer price of 100.084
for a yield of 3.19%, equivalent to 43bp and
52.5bp over asset swaps and the April 2027
ACGB.
Mizuho was sole lead manager for both taps.› ENDEAVOUR HIRES FOR ROADSHOWNetwork Finance, the Baa1 rated (Moody’s)
financing subsidiary of ENDEAVOUR ENERGY
GROUP, has mandated CBA and Mizuho to
arrange investor meetings in Australia
and Asia from November 9 for a potential
Australian dollar bond issue.STRUCTURED FINANCE
› AMP MARKETS RMBS RETURNAMP BANK has mandated Deutsche Bank,
Macquarie, MUFG, NAB and Westpac for a
potential Australian dollar funding andTop bookrunners of Australian equity and
convertible offerings
1/1/17 – 31/10/17
Amount
Name Issues US$(m) %
1 UBS 26 3,803.4 21.1
2 Macquarie 15 3,290.7 18.3
3 JP Morgan 6 1,386.8 7.7
4 Morgan Stanley 4 1,100.7 6.1
5 Goldman Sachs 6 823.5 4.6
6 Bell Financial 46 736.0 4.1
7 CICC 1 564.9 3.1
8 Citigroup 3 521.5 2.9
9 Morgans Financial 30 507.2 2.8
10 Credit Suisse 8 450.8 2.5
Total 504 18,001.1
*Market volume
“Standard Exclusion not applicable”
Proportional credit
Source: Thomson Reuters SDC Code: AK1Top bookrunners of Australian equity
1/1/17 – 31/10/17
Amount
Name Issues US$(m) %
1 UBS 26 3,803.4 21.2
2 Macquarie 15 3,290.7 18.3
3 JP Morgan 6 1,386.8 7.7
4 Morgan Stanley 4 1,100.7 6.1
5 Goldman Sachs 6 823.5 4.6
6 Bell Financial 46 736.0 4.1
7 CICC 1 564.9 3.1
8 Citigroup 3 521.5 2.9
9 Morgans Financial 30 507.2 2.8
10 Credit Suisse 8 450.8 2.5
Total 500 17,984.8
*Market volume
“Standard Exclusion not applicable”
Proportional credit
Source: Thomson Reuters SDC Code: AK2Top bookrunners of Australia syndicated loans
1/1/17 – 31/10/17
Amount
Name Deals US$(m) %
1 CBA 26 4,849.4 14.6
2 ANZ 21 4,595.4 13.9
3 Westpac 21 3,902.4 11.8
4 NAB 17 3,196.6 9.6
5 HSBC 10 2,856.5 8.6
6 MUFG 10 1,788.9 5.4
7 Bank of China 5 1,436.4 4.3
8 Credit Agricole 5 1,086.4 3.3
9 Mizuho 5 739.2 2.2
10 BNP Paribas 4 724.9 2.2
Total 80 33,185.2
- Based on market of syndication and market total
Proportional credit
Source: Thomson Reuters SDC Code: S7