Port of Melbourne
Australian corporate credit on the rebound
Investment-grade corporate Australia has weathered the COVID-19 crisis better than could have been expected as the pandemic accelerated in March and April 2020, according to participants at a Fitch Ratings-KangaNews roundtable at the end of the year. A supportive local debt market was just one of the factors behind this resilience.
Australian credit market confident on economic recovery and market outlook
Australia’s corporate debt market has performed well despite two years of pandemic-related disruption to businesses and – at times – market function. Participants at a Fitch Ratings-KangaNews roundtable at the end of 2021 discuss market evolution, the 2022 outlook and the prospect of further sustainability integration into fixed income.
Port of Melbourne prints A$350 million senior-secured transaction
Port of Melbourne launches seven-year senior-secured deal
Lonsdale Finance (Baa2/BBB), the financing arm of Port of Melbourne, launched a seven-year, Australian dollar denominated, senior-secured transaction on 8 October. Indicative price guidance for the forthcoming deal is 180-185 basis points area over swap benchmarks and is expected to price on the day of launch.
Port of Melbourne considering seven-year domestic transaction
On 30 September, Lonsdale Finance (Baa2/BBB), the financing arm of Port of Melbourne, revealed plans for a group investor update on 6 October regarding a potential seven-year, Australian dollar denominated, senior-secured transaction. ANZ, Commonwealth Bank of Australia and National Australia Bank are joint lead managers for the deal, while Bank of China is a passive lead manager.
Port of Melbourne upsizes domestic return on bumper demand
Port of Melbourne says overwhelming investor support for its latest domestic transaction enabled a substantial upsize. The A$550 million (US$374.4 million) seven-year transaction comes after the issuer placed a multi-tranche US$602.8 million equivalent deal in the US private placement market in April this year.
