SEEK says it is pleased with the outcome of a recent liability-management exercise, despite a tap to its 2026 subordinated bond coming up short of launch volume. The issuer says it is in a comfortable liquidity position even with a challenging operating environment and has been able to complete the redemption of its 2022 maturity bonds.
On 6 July, Seek (NR) launched a minimum A$100 million (US$69.5 million) increase to its June 2026 subordinated notes. Indicative price guidance for the deal, which is expected to price on the day after launch, is 550 basis points area over three-month bank bills. HSBC, MUFG Securities and Westpac Institutional Bank are leading.
The Australian dollar corporate debt market finished the first half of 2020 with a flurry of deals and greatly improved sentiment. Corporate originators do not expect the floodgates of issuance to open in the second half but say conditions should be supportive for active issuers.