Chorus
Chorus’s euro trip incorporates buyback and new benchmark issuance
Chorus conducted an unusual liability management tender process alongside its return to euro issuance. Deal sources say the buyback and simultaneous issuance was a win for investors, allowing them to offload short-dated debt and extend duration without changing exposure limits.
New Zealand institutional bid firms for 10-year duration
Chorus took advantage of supportive conditions to print the year’s largest New Zealand dollar corporate deal ahead of a May 2021 maturity. The issuer says it was very confident it would be supported by retail and institutional investors, including at 10-year tenor.
Chorus prints NZ$400 million dual-tranche deal
Chorus revises margins for dual-tranche retail deal
On 20 November, Chorus revised the margins for its NZ$200-400 million (US$138.3-276.7 million) dual-tranche transaction. The 2027 tranche has been revised to 140-145 basis points over mid swap, from 140-150, and the 2030 tranche has been revised to 170-175 basis points over mid swap, from 170-180. The bookbuild for the deal is expected to be completed on 20 November.
Chorus launches NZ$200 million dual-tranche transaction
On 17 November, Chorus launched a NZ$200 million (US$138.2 million), dual-tranche transaction, with the ability to take oversubscriptions, offered to New Zealand retail and institutional investors across seven- and 10-year maturities. The deal is being marketed at 140-150 and 170-180 basis points area over mid-swap.
Chorus to bring domestic retail bond
On 9 November, Chorus revealed plans for a New Zealand dollar retail-bond deal for up to NZ$200 million (US$135.8 million) with the ability to take oversubscriptions. The deal will come in either or both seven- and 10-year tranches and is expected to launch in the week beginning 16 November. ANZ is arranger and lead manager alongside Craigs Investment Partners, Forsyth Barr and Westpac Banking Corporation New Zealand Branch.
