Greater execution certainty for unrated corporate issuers in Australia encouraged South Africa’s Woolworths Holdings to explore public market issuance for its Australian subsidiaries, David Jones Finance (David Jones) and Country Road. The parent company was eager to diversify the debt funding of its Australian business into capital markets, in line with group funding strategy.
On 22 November, Synlait Milik (Synlait) revealed plans for a five-year, subordinated, retail bond deal for NZ$150-200 million (US$96-128 million). Full details for the transaction are expected in late November or early December. ANZ and Jarden Securities are arrangers for the deal and are joined as lead managers by Deutsche Craigs and Forsyth Barr.
Ford Motor Credit Company (FMCC) (BBB-/Ba1/BBB) launched a new five-year, Australian dollar denominated EMTN benchmark transaction on 21 November. Indicative price guidance for the forthcoming deal, which is expected to price on the day after launch, is 280 basis points area over semi-quarterly swap. ANZ, Deutsche Bank and Westpac Institutional Bank are leading.