VPN launches multi-tranche Australian dollar benchmark deal
- Thursday, 15 April 2021
On 15 April, Victoria Power Networks (VPN) (A- by S&P) launched a new multi-tranche, Australian dollar denominated, benchmark transaction. Indicative price guidance for the five-year fixed- and floating-rate note tranches is 85 basis points area over swap benchmarks, while the seven-year tranche has a price guidance of 100 basis points area over semi-quarterly swap. Commonwealth Bank of Australia, National Australia Bank and Westpac Institutional Bank are leading.
Related news
Vicinity’s domestic print shows ongoing appetite for real estate
Vicinity Centres’ Australian dollar return provides another example of investor support for a wider range of corporate sectors – in this case, an oversubscribed book coming in for an issuer in the retail real estate sector as it seeks to move on from the pains of the pandemic. The issuer says domestic market conditions proved attractive for pricing and tenor.
Sydney Airport the latest domino to fall as Australia’s corporate market proves its mettle
Sydney Airport’s largest-ever transaction in the Australian dollar market – which is also its first public domestic deal since 2011 – provides another sign of growing corporate borrower confidence in the local funding option. The chance to access extended tenor at volume in line with a global core market benchmark print clearly moved the dial for an issuer that has historically been wary of the reliability of domestic issuance.