Goodman offers to increase hybrid margin rather than redeem in 2013
On August 14, Goodman Funds Management (GFM), a subsidiary of Goodman Group (Goodman), proposed an increase to the margin on the Goodman PLUS hybrid securities it issued in 2007 – in lieu of their redemption at the first remarketing date next year. If the proposal is accepted by securityholders, the margin on the A$325 million (US$341.8 million) hybrid will be increased to 390 basis points over bank bills from the current 190 basis points.Crown launches retail offer seeking A$400 million of sub debt
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.
ANZ highlights internationalisation of Dim Sum market following return
ANZ Banking Group (ANZ) (AA-/Aa2/AA-) priced its second transaction in the Dim Sum market on August 9, extending the tenor it achieved on its first issue in December 2010 and significantly upping the volume placed. The new deal was for RMB1 billion (US$157.3 million) of three-year notes with a 2.9 per cent coupon, compared with ANZ's debut offering of RMB200 million of two-year paper.Deal and ratings review, week ending August 10 2012
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 launches retail deal in A$350 million, trans-Tasman offering [UPDATED]
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.