AusNet Services
Australian market displays corporate hybrid potential in AusNet deal
AusNet Services Holdings pushed ahead with a hybrid-capital deal despite global market volatility rearing in the days preceding launch. Issuer and leads say support was secured from key accounts in advance but the deal also attracted plenty of bids from yield-hungry investors despite the challenging environment.
AusNet hybrid kicks off international Australian corporate issuance for 2021
AusNet Services Holdings printed a euro hybrid deal on 2 March which exceeded demand and pricing expectations. The borrower has a strong presence among euro investors that allowed the focus during execution to be on deal specifics rather than issuer credit – and paved the way for a jumbo book, leads say.
AusNet prints A$650 million 60NC5 subordinated-capital deal
AusNet launches 60NC5 subordinated transaction
On 24 September, AusNet Services (A-/A3) launched an Australian dollar denominated, 60-year non-call five-year (60NC5), subordinated, benchmark transaction, offered in either or both fixed-to-floating- and floating-rate note formats. The forthcoming deal is being marketed at 310-320 basis points area over swap benchmarks and is expected to price on the day of launch.
AusNet taking indications of interest for 60NC5 domestic deal
On 23 September, AusNet Services (A-/A3) began taking indications of interest for an Australian dollar denominated, 60-year non-call five-year (60NC5), subordinated, benchmark transaction, offered in either or both fixed- and floating-rate note formats.
AusNet exploring 60NC5 subordinated domestic benchmark transaction
On 17 September, AusNet Services (A-/A3) mandated UBS, as sole structing adviser and lead manager alongside, ANZ and National Australia Bank to arrange a series of investors calls in the week beginning 21 September regarding an inaugural Australian dollar denominated, 60-year non-call five-year (60NC5), subordinated, benchmark transaction.
