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Today, National Australia Bank launched a new Tier 1 hybrid, NAB Capital Notes 5 (NABPH) hoping to raise $750m or more to fund the NAB Convertible Preference Shares II (NABPB) ahead of its 17 December 2021 call date. The hybrid is due for a first call in December 2027 with...
Citi Australia has moved to expand its access to fixed income products and services that will deliver a higher yield for clients while offering some protection from market shocks. Citi will begin offering high yield bonds, hybrids and capital notes to its wholesale client base. It will also provide access...
Today, Westpac launched a new Tier 1 hybrid, raising funds to repay the WBCPF due for first optional call in March 2021. Westpac is the first major bank to launch a new issue this year and with an expected margin over 3 month BBSW of 340 - 360 basis points...
Last week, Bendigo and Adelaide Bank launched a new hybrid seeking to raise $350 million. The proceeds will be used for the redemption of BEN’s convertible preference shares. The notes have a call date of 15 June 2027 and a mandatory exchange date on 15 June 2029. The deal is...
NABHAs being redeemed at last? NAB has announced that it will be seeking shareholder approval at its AGM to redeem its NABHA perpetual hybrid in 2021. The bank also needs board approval which has not yet been granted. NABHAs were issued more than 20 years ago in July 1999 at a very...
After writing down the value of its mall portfolio by more than $4 billion in its interim accounts, Scentre Group has gone to the US market and raised US$3 billion in a subordinated hybrid note issue. The Group had hoped to raise US$1.5 – US$2 billion, but accepted substantially more,...
NAB recently launched a new hybrid and raised $600m, less than a third of the $1.95bn accepted earlier this year. Pricing was higher at 400 basis points over three-month bank bills compared to 295 basis points back in March. The lower $600m amount is likely in part to reflect the higher...
As published in The Australian on Saturday 15 June 2020 Virgin Australia’s administration is a recent low point for Australian financial markets, with mums and dads being caught holding corporate bonds that may prove worthless. The airline business is inherently risky. Oil prices, currency fluctuations, a commodity-like service and the threat...
Telstra, Transurban and APT Pipelines all issued euro-denominated bonds over the last few months, accessing the busier than usual European bond market. In contrast, the domestic corporate bond market has been relatively quiet until last week when Woolworths broke the drought and bought a $1 billion, dual tranche deal to...
Today, Macquarie Bank cancelled its planned new $500m hybrid issue. Macquarie stated, ‘The decision to withdraw was made given significantly changed market conditions in recent weeks’. Macquarie also stated that the news did not impact its commitment to repay the $429m outstanding on MBLPA due 24 March 2020 or...

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