Adelaide Airport confirms buyback and new 2015 deal
The buyback of existing December 2010 securities and replacement with a new, secured five-and-a-half year line by Adelaide Airport (BBB/Baa2) was confirmed in a March 26 deal launch. Adelaide Airport roadshowed the buyback and sale in mid-March with lead manager sources saying the period between roadshow and launch was spent gathering investor feedback and working on deal structure.ALE seeing institutional demand in first retail deal of 2010
The first retail deal of 2010 opened on March 24 with ALE Property Group (ALE) (NR) offering to sell around A$100 million (US$90.8 million) of subordinated four-year notes with an indicative margin of 400-420 basis points over swap. The firm, which has only issued wholesale debt in commercial mortgage-backed securities (CMBS) format, says institutional demand for the new deal is substantial.Three years suits NAB as it prints A$1.5 billion
National Australia Bank (NAB) (AA/Aa1/AA) says it has been sufficiently successful in its terming-out drive that it was happy to meet investor demand for a three-year deal in its March 25 domestic benchmark. NAB sold a total of A$1.5 billion (US$1.4 billion) of April 2013 fixed and floating rate paper in a self-led deal that priced at 77 basis points over semi-quarterly swap and bank bill swap rate.NIB prices largest-ever Kangaroo but leads cautious on pipeline
Nordic Investment Bank (NIB) (AAA/Aaa) priced its first Kangaroo of 2010 on March 25, selling A$600 million (US$546.8 million) in two tranches in its largest Australian market transaction. This deal follows hot on the heels of Asian Development Bank's (AAA/Aaa/AAA) $450 million tap priced a day earlier, although lead manager sources say the immediate Kangaroo pipeline may be set to ease.
Telstra: setting the record straight
On March 15 Telstra (A/A2/A) priced a benchmark €1 billion (US$1.4 billion) 10-year transaction. In November 2009 the firm soft-sounded a domestic 10-year deal, and in the wake of the issuer's latest euro issue there has been an erroneous perception in some quarters that the company had offered international investors better terms than were mooted locally.