Investment management firm Daintree Capital today launched its Hybrid Opportunities Fund, a new global bank hybrid fund that is the first single unit fund of its kind in Australia. The Daintree Hybrid Opportunities Fund invests in a diversified global portfolio of 25-125 hybrid bank securities including Bank of America, Credit...
Ahmed Fahour’s Latitude Financial (ASX:LFS) is raising funds to fuel growth opportunities by raising about $125million through issuing perpetual, subordinated, unsecured capital notes.  The non-bank lender anticipates paying quarterly, floating rate discretionary distributions, which are cumulative. Latitude expects distributions to be franked at the same rate as dividends on LFS’s...
Westpac Banking Corporation has announced the offer of Westpac Capital Notes 8 which is a new additional Tier 1 capital instrument. The bank is looking to raise AUD$1billion which will help it maintain its requirements under the APRA capital adequacy framework.  The offer opening date is 25 August 2021 and will...
Macquarie Bank (ASX:MBL) has now opened its offer for Macquarie Bank Capital Notes 3 (BCN3). The offer is expected to close on Tuesday 24th August 2021. BCN3 securities are perpetual, unsecured, convertible, non-cumulative and subordinated notes. BCN3 are mandatorily convertible to MGL ordinary shares on 8 September 2031. There is...
ANZ bank will seek to raise AUD $1billion with the offer of a new Additional Tier 1 capital security, ANZ Capital Notes 6 (ANZPI). It contains a reinvestment offer for ANZ Capital Notes 1 (ANZPD), a Broker Firm Offer and a Securityholder Offer. There is also an institutional offer where...
Due to an uncertain operating environment, Crown Resorts has announced that it will not be redeeming the Crown Subordinated Notes II (CWNHB) at the 23 July 2021 call date. The unsecured notes issued by Crown have a total outstanding principal of $630 million.  Crown said in its update to the market...
Back in February, National Australia Bank repurchased its perpetual NABHA $2 billion hybrid and since then others have followed. The latest is Challenger, offering $102 for its CGFPA securities, cleaning up the $47.5 million still outstanding. The offer is open to investors on the register at 22 April 2021 and...
Australian power company AusNet has issued a €700 million, 60-year international hybrid deal. The hybrid issue, in the form of non-convertible subordinated notes, is due for a first call in 2026 with maturity set for March 2081. There is a refinancing element with proceeds from the hybrid issue will be used...
The Commonwealth Bank of Australia (CBA) has launched a new tier-one capital transaction PERLS XIII, seeking A$750 million. The new offer aligns with spreading the refinancing of $6.1bn of hybrids, spanning the $1.45bn CBAPE (Oct 2021), $1.64bn CBAPF (Mar 2022) and $3.0bn CBAPD (Dec 2022). The Commonwealth Bank PERLS deal, which...
The new Macquarie Group Capital Notes 5 (MQGPE) offer has been swamped with demand and repriced to a margin lower than the 3.00-3.20% bookbuild range at a final margin of 2.90% above 3 month bank bill. On Friday, Macquarie Group Limited announced the allocation of A$550 million of MQGPE to...

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