Stockland gets A$300 million exchange done before year end
On December 15, Stockland Trust Management (Stockland) (A-) issued a A$300 million (US$272 million) fixed rate February 2015 bond after finalising the buyback of A$175 million of outstanding paper from its June 2011 line. It is understood that there was a narrow window of opportunity for the deal to be completed before the holiday slowdown, with deal sources confirming the buyback component of the transaction made it a likely candidate to be successful in this small timeframe.
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Offshore inflation demand to build slowly following IWT removal
Following Royal Assent to the Tax Laws Amendment Act 2009 on December 4, all Commonwealth government securities (CGS) are now legally eligible for exemption from the non-resident interest withholding tax (IWT). Although intermediaries say there has not been an immediate impact in terms of buying activity from offshore, they remain hopeful that the removal will stimulate offshore demand for inflation-linked CGS product in particular.
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