Scentre sets a curve in one move – but leaves room for more issuance

Scentre Group (Scentre) (A/A1) – the entity formed out of the old Westfield Retail Trust (WRT) and Westfield Group (Westfield)'s remaining assets in Australia and New Zealand – has quickly established a bond curve, placing €1.6 billion (US$2.2 billion) and £400 million (US$685.3 million) in a four-tranche deal on July 8. The transaction does not fully refinance a substantial bridge facility entered by the issuer, though Scentre tells KangaNews there is no rush to return to capital markets.