Cleanaway Waste Management priced the tightest deal from an unrated Australian industrial issuer in the USPP market since the financial crisis with its recent transaction, placement agents say. The issuer undertook the deal to term out bank debt it took on following an acquisition in 2018 and it says further expansion is on the horizon.
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WSO to meet investors ahead of potential 10-year or longer domestic deal
On 26 February, WSO Finance (WSO), the financing entity for Westlink Motorway (A3/A-), revealed plans for a potential 10-year or longer, Australian dollar denominated transaction. Commonwealth Bank of Australia and Westpac Institutional Bank have been mandated to arrange a series of investor meetings beginning 10 March.
Frasers Property planning domestic long-dated sustainability bond
On 24 February, Frasers Property mandated ANZ, Barclays, HSBC, National Australia Bank and Oversea-Chinese Banking Corporation (OCBC) for a potential long-dated, Australian dollar denominated sustainability bond. ANZ, Barclays and OCBC have also been appointed as sustainability structuring advisors.
GPT taps investor support for 12-year tenor
A surfeit of local and offshore demand for long-dated paper prompted another Australian corporate to execute a 12-year domestic deal. General Property Trust (GPT) says the tenor suited its debt maturity profile and interest from a cornerstone investor prompted its decision to execute.
Taking off: Sydney Airport leads the way again with world-first SLB
Sydney Airport’s market leadership, and the willingness of US private placement (USPP) investors to provide structural flexibility in transactions, were crucial to the execution of the world’s first sustainability-linked bond (SLB) with two-way pricing. Deal sources are bullish on proliferation of the product.