Silver Chef places senior unsecured deal via broker lead
On August 31, Silver Chef (NR) priced a six-year senior unsecured fixed rate notes issue for total volume of A$30 million (US$30.9 million). FIIG Securities arranged the deal, which according to KangaNews data makes it the first public, senior unsecured bond bookbuild to be conducted in the Australian domestic market without a bank lead manager.
Broad fund manager support drives Suncorp's RMBS upsize [UPDATED]
Suncorp Bank (Suncorp) upsized its Apollo Series 2012-1 residential mortgage-backed securities (RMBS) issue to A$1 billion (US$1.03 billion) from A$750 million based on an oversubscribed order book following launch on August 27. The deal's arranger says it attracted significant support from fund managers, while a bid from the Australian Office of Financial Management (AOFM) was scaled out almost completely.
BP's Kangaroo price focus splits domestic investor views but allows large print
The focus of BP Capital Markets (BP) (A/A2/A), in its debut Kangaroo transaction, of achieving a margin in line with what it can obtain in alternative global markets limited some Australian fund managers' involvement in the transaction. But participants across the market hail the borrower's ability to issue A$500 million (US$518.9 million) at a global benchmark price as a significant positive for future corporate Kangaroo issuance.
Deal and ratings review, week ending August 31 2012
The last week of August rounded out a busy month for asset-backed securities issuance as a seventh residential mortgage-backed security (RMBS) priced. Sentiment was buoyed around the first non-financial true corporate Kangaroo in six years, though the markets were otherwise quiet.
BP prices Kangaroo market's first corporate deal since 2006
BP Capital Markets (BP) (A/A2/A) priced the first transaction from a non-financial corporate borrower in the Kangaroo market for over six years on August 29, closing a new five-year issue at a margin of 115 basis points over swap. The borrower has said it hopes to be a regular Kangaroo borrower and has a long-term target of issuing around A$1 billion (US$1.04 billion) a year.