Asset growth and a conservative funding strategy led Bendigo and Adelaide Bank (BEN) to print the first senior-unsecured benchmark deal by an Australian bank since the COVID-19 pandemic began, the issuer tells KangaNews. The A$650 million (US$478.4 million) five-year transaction priced on 25 November and is a rarity in a market that has been denuded of senior bank issuance.
The Australian Sustainable Finance Initiative (ASFI) roadmap, published on 24 November, puts forward a plan to align the Australian economy and financial system with outcomes that encourage sustainability, resilience and future prosperity. It sets ambitious targets, including some that stretch beyond federal government goals, and lays out a timeline for achieving them.
On 25 November, Bendigo and Adelaide Bank (BEN) (BBB+/A3/A-) launched a new Australian dollar denominated, five-year, senior-unsecured, benchmark transaction, offered in either or both fixed- and floating-rate note formats. Indicative price guidance for the deal is 60 basis points area over swap benchmarks.