Australian Corporates In Prominent Capital Raisings

Australian Corporates In Prominent Capital Raisings

Three Australian companies have been amongst a host of issuers in capital raisings to get the new year underway.

ASX has priced its inaugural notes issue, an A$275 million issue of floating rate, unsecured medium term notes under its newly established Medium Term Notes Programme. The Notes have a coupon of 3 month BBSW + 93bps, were priced at par and mature on 26 February 2027. They are denominated in Australian dollars, and issued to Australian and international institutional investors.

Westpac is acting as sole lead manager and underwriter for the proposed issue. ASX will use the proceeds from the Notes for general corporate purposes.

Managing Director and CEO Helen Lofthouse said: “This is the first corporate bond issue by ASX and I’m very pleased by the support we’ve received. This issue forms part of our flexible capital management strategy which supports the long term sustainability of ASX.”

Also read: ANZ Allocates $1.7 billion & Sets Margin for ANZ Capital Notes 9

Macquarie Bank has priced an A$1.25 billion 10NC5 tier-two deal dated 22nd February 2024. The issue rating is BBB/Baa2/BBB+.

A fixed-to-floating rate note tranche of A$600 had a coupon rate of 5.953% with margin to swap of 195bp/s-q.

A further floating rate note tranche of $650 million was issued with a coupon rate of 3m BBSW plus 195bp. The margin was 195bp  over the 3-month BBSW.

The lead managers are ANZ, Commonwealth Bank of Australia, Macquarie Bank, National Australia Bank, and Westpac Institutional Bank.

Privately held Perth Airport has printed an A$300 million seven-year bond dated 22nd February 2024.

The senior-secured bond has a coupon rate of 5.6% and margin to swap 147bp/s-q. The expected issue rating is Baa2.

Lead managers are ANZ, SMBC Nikko, and Westpac Institiutional Bank.