Shaw and Partners
KangaNews DCM Summit capital issuance webinar
Australia’s credit market has seen a pickup in supply of capital instruments, including a clutch of corporate hybrid transactions. The KangaNews Debt Capial Markets Summit 2020 webinar series included a session on additional capital, which focused on supply dynamics, demand drivers and the ever-present tension between retail, wholesale and true institutional participation.
Westpac launches A$1 billion WCN8 AT1 deal
ANZ launches AT1 transaction
Centuria issues A$199 million listed deal
Centuria to raise A$100 million via five-year listed deal
On 22 March, Centuria Funds Management, the trustee of Centuria Capital No. 2 Fund, launched a A$100 million (US$77.1 million), five-year, ASX-listed, secured transaction. Indicative price guidance for the deal is 425-450 basis points area over three-month bank bills and is expected to price on 29 March following a bookbuild. Morgans, National Australia Bank, Shaw and Partners and Westpac Institutional Bank are leading.
NAB sets margin and upsizes AT1 deal
On 20 November, National Australia Bank (NAB) completed the bookbuild for its additional tier-one (AT1) capital deal, NAB Capital Notes 5. The margin has been set at 350 basis points over three-month bank bills, the low end of the indicative range, and the volume upsized to A$2 billion (US$1.5 billion) from A$750 million, with the ability to raise more or less. The offer for the perpetual non-call seven-year notes will open on 24 November and is expected to close on 11 December.
