Leads confidents Tabcorp upsize will lead to more retail corporates
Tabcorp (BBB+) closed its five-year bond offer on April 30 having added A$84 million (US$60.86 million) to the initial A$200 million allocation to the institutional and brokerage sector. With around 90 per cent of the total paper being placed with retail investors, lead managers believe the transaction will spark further corporate issuance in the Australian retail marketRabobank upsizes NZ hybrid and sets margin
On April 29 Rabobank Nederland (AAA/Aaa) (Rabobank) set the margin on its New Zealand market PIE (portfolio investment entity) Capital Securities transaction at 375 basis points over swap and announced it has upsized the transaction, to NZ$330 million (US$186.85 million) from the indicative level of NZ$200 million at launch.NAB issues first unguaranteed transaction - largest in 2009 [UPDATED]
National Australia Bank (AA/Aa1/AA) (NAB) entered the market for bonds not covered by the Australian government guarantee for the first time on April 29 with the largest such transaction yet seen – a total of A$1.5 billion (US$1.07 billion) of fixed and floating rate three year bonds.