On 11 May 2020, Macquarie Bank Limited (MBL) relaunched an offer for Macquarie Bank Capital Notes 2 (BCN2, ASX Code: MBLPB), to raise $400 million, with the ability to raise more or less. These securities are perpetual, unsecured, convertible, unsecured, subordinated notes. The purpose of the transaction is to raise regulatory capital (Additiona...

On Tuesday 21 April 2020, Virgin Australia (ASX: VAH) announced that it had appointed Deloitte as voluntary administrators. The Group had continued to seek financial support from various entities to help it navigate through the COVID-19 crisis but stated that this had not yet been secured. The administrators intend to process a restructure...

On 2 April 2020, ANZ Bank New Zealand Limited (ANB) advised that the Reserve Bank of New Zealand had informed locally incorporated banks that they should not redeem capital notes at this time and accordingly ANB would not be permitted to redeem its NZ$500 million of mandatory convertible perpetual subordinated securities (Capital Notes) under ti...

On 16 April 2020 Virgin Australia (ASX: VAH) announced that it had requested a Voluntary Suspension of its securities on the ASX, including the Virgin Australia Notes (ASX: VAHHA). The request was made following the expiry of a previously requested Trading Halt on 14 April 2020. The Voluntary Suspension allows Virgin Australia to continue ...

In light of the ongoing COVID-19 impacts, in late March and early April, European and Australasian regulatory authorities took various actions which either strongly pressured or outright blocked the payment of ordinary dividends in these stressed times. Below we chronologically summarise the announcements and conclude on the likely impact to ...

On Thursday 2 April 2020, the Reserve Bank of New Zealand (RBNZ) announced a Term Lending Facility (TLF) to help support its local banking system. As part of this, and other recent packages, the RBNZ has agreed with local banks that during the current period of economic uncertainty, that there will be no payment of dividends on ordinary share...

Challenger (ASX: CGF) announced today that because of the significantly disrupted investment market conditions and volatility in recent weeks caused by the coronavirus pandemic, it was unable to proceed with a replacement issue in time to Redeem or Resell the Challenger Capital Notes (ASX: CGFPA) by the Optional Exchange Date (25 May 2020). O...

On Tuesday 24 March 2020, Macquarie Bank Limited (MBL) announced that it had completed the Resale and Redemption of all $429 million of Macquarie Bank Capital Notes (BCN, ASX: MBLPA) to the Nominated Purchaser. MBL noted that Holders of BCN received a payments of $100 per BCN plus a final distribution payment of $1.8425.

On Monday 23 March 2020, NAB announced that it had completed the resale of ~$1.343 billion of NAB Capital Notes (ASX: NABPC). Full principal payments of $100 per Capital Note will be made on the same day to all Holders. As previously announced, following the resale to the nominated purchaser, $750 million of Notes were converted into 35,14...

On Friday 13 March 2020 Macquarie Bank Limited (MBL) announced that it was withdrawing its Offer of Macquarie Bank Capital Notes 2 (expected ASX code: MBLPB, BCN2). The Notes were previously launched on 11 February 2020 and the Offer had performed strongly with $500 million allocated under the Bookbuild and the Margin set at 2.90%, the lower ...

On Thursday 12 March 2020, after the market close, NAB announced that it was withdrawing its Offer of NAB Capital Notes 4 (expected ASX code: NABPG). The Notes were previously launched on 17 February 2020 and the Offer had performed strongly with $1.95 billion allocated under the Bookbuild and the Margin set at 2.95%, the lower bound of the i...

On 24 February 2020, National Australia Bank (“NAB”) announced the completion of the Bookbuild process for its offer of Capital Notes 4 ("NABPG"), previously launched on 17 February 2020. NAB has closed the Bookbuild and allocated $1.95 billion of Capital Notes 4 under the Broker Firm and Institutional Offers.. The Margin was set at 2.95%,...

On 17 February 2020, Macquarie Bank Limited (“MBL”) announced the completion of the Bookbuild process for its offer of Capital Notes 2 ("MBLPB"), previously launched on 11 February 2020. MBL allocated $425 million of Capital Notes 2 to Syndicate Brokers and Institutional Investors on a firm basis. The Margin was set at 2.90%, at the bottom...

On 17 February 2020, National Australia Bank Limited (ASX: NAB, the “Issuer”) launched an offer for NAB Capital Notes 4 (Expected ASX Code: NABPG, the “Notes”), to raise $750 million, with the ability to raise more or less. These securities are structured as perpetual, subordinated, unsecured, convertible notes. Distributions are expected to ...

On 11 February 2020, Macquarie Bank Limited (MBL) launched an offer for Macquarie Bank Capital Notes 2 (BCN2, ASX Code: MBLPB), to raise $400 million, with the ability to raise more or less, accompanied by a Reinvestment Offer for holders of the existing BCN (ASX Code: MBLPA). These securities are perpetual, unsecured, convertible, unsecured, su...

On 30 January 2020, Macquarie Bank Limited (MBL) announced, after the market closed, that it intends to repay the $400 million Macquarie Income Securities (ASX: MBLHB) in accordance with their terms of issue and subject to MBL shareholder approval of the associated capital. APRA has already given its approval. MBLHB holders will receive $100...

On 17 December 2019, Suncorp Group Limited (“SUN”) announced it has completed the Capital Notes 3 offer (the Offer), raising $389 million. All valid applications under the Reinvestment Offer and Securityholder Offer were accepted in full. The Notes were issued today and are expected to begin trading on a deferred settlement basis on the Au...

On 29 November 2019, AMP Limted (ASX: 'AMP') announced that the margin on its Capital Notes 2 (ASX: 'AMPPB') had been set at 4.50%, at the lower bound of the 4.50 - 4.70% range. It also confirmed the size of the Offer would increase from $200 million to at least $250 million, with $250 million allocated on a firm basis through the Bookbuild ...

On 26 November 2019 AMP Limited (AMP) launched AMP Capital Notes 2 (ASX Code: AMPPB), seeking to raise $200 million, with the ability to raise more or less. Proceeds will be used to meet general funding requirements, including to fund Additional Tier 1 Capital of one or more regulated entities within the AMP Group. AMP is the non-operating holdi...

On 15 November 2019, Suncorp Group Limited (“SUN”) announced the completion of the Bookbuild process for its offer of Capital Notes 3 ("SUNPH"), previously launched on 11 November 2019.Suncorp allocated $300 million of Capital Notes 3 under the Broker Firm Offer and Institutional Offer on a firm basis.The Margin was set at 3.00%, at the bottom o...