Two Australian corporate borrowers accessed the euro market in the week beginning 18 March. Deal sources say Telstra Corporation (Telstra) and Scentre Group (Scentre) took advantage of the euro’s current status as the most competitive global funding option for Australian issuers to price 10-year deals, each with negative new-issue concessions.
On 21 February, BNP Paribas priced a dual-tranche senior nonpreferred EMTN, the first Australian dollar deal in this format for 2019. Lead managers say taking a simple, broadly appealing structure to the market was essential in achieving benchmark volume in what can be a challenging format.
On 21 February, BNP Paribas (A/Aa3/A+) launched a benchmark five-year, Australian dollar denominated senior nonpreferred EMTN transaction, to come in either or both fixed- and floating-rate formats. The forthcoming deal has indicative price guidance of 175-180 basis points area over swap benchmarks and is expected to price on the day of launch.
On 20 February, BNP Paribas (A/Aa3/A+) began taking indications of interest for a new, five-year Australian dollar denominated senior nonpreferred EMTN transaction. The possible deal will come in either or both fixed- and floating-rate formats and has initial price guidance of 180 basis points area over swap benchmarks. The deal is expected to be rated A-/Baa1/A+.
Trends and data from the Australasian sustainable-debt market.