Fairfax Media buys back A$32.3m of 2011 bonds
Fairfax Media (BB+) has completed the buyback of its A$200 million (US$157 million) fixed rate June 2011 bonds that it opened on May 21. Dale Bridle, group treasurer, says the company bought back A$32.3 million of the bonds at 84 cents in the dollar.Westpac prices first unguaranteed domestic benchmark
Westpac Banking Corporation (Westpac) (AA/Aa1) priced its first unguaranteed benchmark transaction of 2009 on May 26, selling A$1.7 billion (US$1.32 billion) of fixed and floating rate three-year paper at 120 basis points over swap in a deal which the bank hopes will presage a return to predominantly unguaranteed issuance in the 2009/10 financial year.Moody's downgrades Queensland and QTC after review
Following a ratings review commenced in late February, Moody’s Investors Service (Moody’s) downgraded the state of Queensland and Queensland Treasury Corporation (QTC) from Aaa to Aa1 on May 21. Both state and treasury corporation were downgraded by Standard & Poor’s in February on the back of falling revenues.Australasian banks dabbling in offshore markets [UPDATED]
After a relatively slow period for issuance in offshore currencies, Australasian banks have conducted some activity in sterling and yen in recent weeks with National Australia Bank (NAB) (AA/Aa1), Commonwealth Bank of Australia (CommBank) (AA/Aa1) and Macquarie Bank (Macquarie) (A-/A2) securing the equivalent of over A$1 billion (US$775.5 million) each – the former in two deals, one of them public and unguaranteed.
CFS Retail Property Trust reopens wholesale corporate market
On May 19 CFS Retail Property Trust (CFX) (A) priced a A$125 million (US$96.68 million) increase to its 5.75 per cent September 2012 bond at the expected level of 475 basis points over swap. Lead managers say the deal was more than twice oversubscribed and are confident it will pave the way for more wholesale corporate issuance in Australia.