GPT taps investor support for 12-year tenor
A surfeit of local and offshore demand for long-dated paper prompted another Australian corporate to execute a 12-year domestic deal. General Property Trust (GPT) says the tenor suited its debt maturity profile and interest from a cornerstone investor prompted its decision to execute.
Basis swap brings euros into play for TCorp
A favourable basis swap has enabled New South Wales Treasury Corporation (TCorp) to take advantage of a funding opportunity in euros that was well inside its Australian dollar cost of funds. The issuer says there is opportunity in euros but its own clients’ demand constrains supply.
WATC takes advantage of slow semi-government FRN issuance
Western Australian Treasury Corporation (WATC)’s latest transaction shows that banks’ demand for semi-government floating-rate note (FRN) issuance is still evident as they work to fill their high-quality liquid asset (HQLA) requirements.
Taking off: Sydney Airport leads the way again with world-first SLB
Sydney Airport’s market leadership, and the willingness of US private placement (USPP) investors to provide structural flexibility in transactions, were crucial to the execution of the world’s first sustainability-linked bond (SLB) with two-way pricing. Deal sources are bullish on proliferation of the product.
European bid for semis continues in SAFA’s latest trade
South Australian Government Financing Authority (SAFA) printed its longest-dated maturity – a 12-year bond – on 13 February, as European investors’ strong participation in semi-government deals continued.