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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...
NAB announced it has raised at least $1.95bn for general corporate purposes including refinancing its existing hybrid (ASX:NABPC) which has $1.3bn outstanding. The margin was finalised at the lower end of the bookbuild range at 295 basis points. The first optional exchange will be on 17 September 2027 with mandatory exchange...
Macquarie Bank launched a new hybrid earlier this month and planned to raise at least $400m, for ‘general corporate purposes’ with the capacity to accept more. It raised $425m at a margin 290 basis points (2.9%) over 3 month BBSW. The hybrid will trade under (ASX:MBLPB) and is expected...
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