Retail key to hybrids as Macquarie prices CPS
Retail demand, always significant in domestic hybrid transactions, accounts for a large majority of the Macquarie Group (Macquarie) A$600 million (US$572.22 million) convertible preference security (CPS) transaction which completed its bookbuild on June 4.
TCorp benchmarks may grow as funding forecast revealed
New South Wales Treasury Corporation (TCorp) has revealed a new funding requirement of A$4.9 billion (US$4.69 billion) for financial year 2008/9 – in line with the indicative range it had previously revealed and significantly below the A$8.2 billion requirement for FY2007/8.Domestic activity but RBCCM still tops league table
Increased domestic issuance was not enough to dislodge RBC Capital Markets (RBCCM) from top spot in KangaNews's combined Kangaroo and Australian domestic intermediary league table, although Commonwealth Bank of Australia (CommBank)'s presence on the top line of Royal Bank of Scotland Australia Branch's local debut solidified its position in third place.
Large deals still a feature of AUD market
Large deal sizes continue to be a feature of the Australian market in 2008 in the wake of Royal Bank Scotland Australia's combined A$1.125 billion (US$1.07 billion) multi-tranche issue from May 29. The double-maturity transaction is the 10th time an Australian issuer has brought over a billion dollars in one go so far this year.