Senior Deal Specifics - Australians in the Reg S Market, 2017

While the number of Australian-origin senior Reg S deals printed in 2017 can be counted on the fingers of one hand, the outcomes achieved point to a market with significant potential.

Issuer: SGSP Australia Assets 
Issuer/issue rating: A-/A3 
Pricing date: 29 June 2017 
Maturity date: 7 July 2027 
Volume: US$500 million 
Coupon: 3.5% 
Yield: 3.6% 
Margin: 132bp/UST 
Geographic distribution: 83% APAC, 9% EMEA, 8% Australasia 
Distribution by investor type: 54% fund managers, 19% insurance funds, 16% banks, 10% central banks/ sovereign-wealth funds, 1% other 
Lead managers: Commonwealth Bank of Australia, HSBC, Mizuho Securities

Issuer: Incitec Pivot
Issuer/issue rating: BBB/Baa2
Volume: US$400 million
Pricing date: 27 July 2017
Maturity date: 3 August 2027
Coupon: 3.95%
Margin: 167.5bp/UST
Geographic distribution: 88% APAC, 12% EMEA
Distribution by investor type: 66% fund managers, 14% banks/private banks, 11% insurance funds, 9% other
Number of investors: >200
Lead managers: ANZ, Bank of America Merrill Lynch, HSBC

Issuer: Santos Finance
Issuer/issue rating: BBB-
Pricing date: 7 September 2017
Maturity date: 14 September 2027
Volume: US$800 million
Coupon: 4.125%
Yield: 4.189%
Margin: 210bp/UST
Lead managers: Citi, Deutsche Bank

Issuer: Mirvac Group
Issuer/issue rating: BBB+/A3
Pricing date: 18 September 2017
Maturity date: 18 March 2027
Volume: US$400 million
Coupon: 3.625%
Margin: 147.5bp/UST
Geographic distribution: 77% APAC, 23% EMEA
Distribution by investor type: 62% fund manager, 22% banks, 9% insurance funds, 5% private banks, 2% other
Number of investors: >200
Lead managers: ANZ, J.P. Morgan, RBC Capital Markets, SMBC Nikko

Issuer: Telstra Corporation
Issuer/issue rating: A/A2
Pricing date: 9 November 2017
Maturity date: 15 November 2027
Volume: US$500 million
Coupon: 3.25%
Margin: 95bp/UST
Geographic distribution: 89% APAC, 6% EMEA, 5% Australia
Distribution by investor type: 48% fund managers, 27% insurance/ pension funds, 20% banks/private banks, 5% central banks/sovereign-wealth funds
Lead managers: Development Bank of Singapore, HSBC, Mizuho Securities

ALL DEAL DATA PROVIDED BY LEAD MANAGERS