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Australia's Export Finance & Insurance Corporation (EFIC) (AAA) issued US$40 million of callable, capped floating rate notes on August 9. According to Chris Collard, director, treasury at EFIC in Sydney, the deal was executed in response to reverse enquiry and the proceeds were swapped to floating rate USD at a margin below six-month Libor.
Australia's latest retail corporate transaction launched on August 13 as Crown (BBB/Baa2/BBB) confirmed its plans to issue around A$400 million (US$421.9 million) of subordinated notes. As with the retail transaction launched the previous week by APA Group, the shareholder and general offer of Crown's notes will be open to participants in both Australia and New Zealand.
Following a flurry of securitisation activity at the back end of the previous week, the Australian new issuance market has quietened with just three new deals coming to market – two of them Kangaroos. New Zealand saw one new transaction complete, although there has also been retail deal activity on both sides of the Tasman as APA Group and TrustPower both moved towards issuance.
APA Group (APA) (BBB/Baa2) confirmed the details of its much-speculated on subordinated retail notes transaction in an Australian Securities Exchange (ASX) announcement on August 9, revealing its plans to issue A$350 million (US$371 million) via a trans-Tasman offering. The notes will have a March 2018 first call date with final maturity in 2072.