While a recent clutch of 10-year deals in the Australian dollar corporate market has provided confidence that investor support can be found at tenor, United Energy Distribution (UED) opted for seven-year duration in its domestic return. The issuer says this tenor was the best match for its funding need.

On 21 October, United Energy Distribution (UED) (A- by S&P) launched a new seven-year Australian dollar denominated benchmark transaction, offered in either or both fixed- and floating-rate format. Indicative price guidance for the forthcoming deal, which is expected to price on the day after launch, is 120 basis points area over swap benchmarks. ANZ, Commonwealth Bank of Australia and HSBC are leading.

On 17 September, United Energy Distribution (UED) (A- by S&P) mandated ANZ, Commonwealth Bank of Australia and HSBC to arrange an investor update call on the day of the announcement, regarding a potential seven-year domestic deal.

On 19 February, United Energy Distribution (UED) revealed the consent solicitation process did not proceed on its A$350 million (US$248.8 million) September 2023, A$420 million October 2024 and A$150 million February 2023 lines. Westpac Institutional Bank was mandated for the process on 22 January.

On 22 January, United Energy Distribution (UED) (A- by S&P) announced a consent solicitation process for its fixed-rate notes maturing in September 2023 and October 2024 and its floating-rate note due February 2023. The notes have outstanding volume of A$350 million (US$250.4 million), A$420 million and A$150 million respectively.

United Energy Distribution (UED) benefited from ongoing positive credit-market conditions as well as a boost to its own credit profile as it printed the Australian market’s first true-corporate transaction of 2018. Deal sources say demand remains robust but the outlook for supply is less clear.

United Energy Distribution (UED) (A-) launched a five-year domestic deal, as well as an increase to its October 2024 Australian dollar line, on 23 January. Indicative price guidance is 100-105 basis points area and 115-120 basis points area over semi-quarterly swap respectively.