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...
Macquarie Group Limited (MGL) has launched its Capital Notes 5 (MQGPE) to replace its $531 million Capital Notes 2 (MQGPB) ahead of that issue’s first optional exchange on 17 March 2021. The offer is for $500 million. According to Bell Potter, new hybrid issues are increasingly aligned to maturing hybrids...
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...

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