On Wednesday 20 March 2019, NAB closed the NAB Capital Notes 3 offer and issued 18,740,582 securities at $100 each, raising $1.874 billion. The Group also announced that all Convertible Preference Shares (CPS) issued six years ago had been resold to the CPS nominated purchaser and following this, $750 million of CPS were converted into 30,185...

After the ASX had closed on 14 March 2019, Villa World (ASX: VLW) announced that it had received an unsolicited proposal from AVID Property Group (AVID) to acquire all of the shares in Villa World by way of a scheme of arrangement. On 15 March 2019, we revised our recommendation to Sell given the potential for a Change of Control clause being...

The MCP Income Opportunities Trust (MOT) is a listed investment trust (LIT) designed to provide investors with access and/or exposure to the Australian multi-asset private credit universe (Prospective ASX Code: MOT). Private credit is a broad asset class that includes investments spanning the entire capital structure, from senior secured loans t...

Macquarie Group (MQG) on 27 February 2018 announced the successful allocation of $750 million to Syndicate Brokers and Institutional Investors under the Institutional Offer and the Broker Firm Offer elements of the Macquarie Group Capital Notes 4 (MCN4) offer. The Margin has been set at 4.15% per annum, at the bottom of the guided Margin rang...

On 25 February 2019, Macquarie Group Limited (MQG) launched an offer for Macquarie Capital Notes 4 (MCN4, ASX Code: MQGPD) to raise $500 million, with the ability to raise more or less. The securities are structured as perpetual, subordinated, unsecured and convertible notes. Distributions are expected to be discretionary, non-cumulative, floati...

On Monday 18 February, Brookfield Funds Management Limited, as Responsible Entity of Multiplex SITES Trust (SITES RE & ASX: MXUPA)), provided an update to SITES holders. Options were granted in 2010 and 2013 by Brookfield Holdings (Australia) Limited (BHAL) to Brookfield Property Partners (BPY) over the assets of the Brookfield Australia ...

On Friday, NAB announced that its NAB Capital Notes 3 offer (NABPF) will raise at least A$1.65 billion and confirmed that the margin has been set at 4.00% over the 90-day Bank Bill Swap Rate (BBSW) - at the lower bound of the guided range (4.00 – 4.20%). Following (expected) strong demand, the Bookbuild has been closed and final size awaits the ...

On 11 February 2019, National Australia Bank Limited (ASX: NAB, the “Issuer”) launched an offer for NAB Capital Notes 3 (Expected ASX Code: NABPF, 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 ...

On 29 November 2018 SBS Bank (the “Issuer”) launched SBS Bank AUD Capital Bonds ([ISIN: To Be Confirmed], the “Bonds”) seeking to raise a minimum of $20 million. These securities are sold to wholesale investors only (no prospectus being issued) and are not listed on the Australian Securities Exchange nor the New Zealand Stock Exchange. Proceeds ...

Member Equity Bank Limited today announced the launch of its issue of Members Equity Wholesale Capital Notes II (ISIN: To be confirmed). The offer is seeking to raise $100 million. Proceeds will be used for ratings and regulatory capital purposes and to support the group's organic growth and digitalisation strategies. These securities are str...

Civmec Holdings Pty Ltd (a wholly owned subsidiary of Civmec Limited [ASX: CVL]) today announced the launch of its issue of Civmec Secured Notes (ISIN: To be Confirmed). The offer is intended to raise $60 million, with an ability to take-over subscriptions. Net proceeds will be used for refinancing existing facilities and to help fund the capita...

Westpac Banking Corporation (Westpac) on 19 November 2018 announced the successful completion of the Bookbuild for the offer of Westpac Capital Notes 6 (Prospective ASX Code: WBCPI). The final margin was set at 3.70% p.a. over 90 Day BBSW, at the bottom of the indicative range (3.70 - 3.90%). The Offer size has been increased to approximat...

On 12 November 2018, Westpac Banking Corporation (Westpac) launched an offer for Westpac Capital Notes 6 (expected ASX Code: WBCPI). The offer size is guided to be $750 million, with the bank retaining the ability to raise more or less. These securities are structured as perpetual, subordinated, unsecured, redeemable, convertible notes. Distr...

Commonwealth Bank of Australia (CBA) on 9 November 2018 announced the successful completion of the Bookbuild for the offer of CommBank PERLS XI Capital Notes (Prospective ASX Code: CBAPH). The final margin was set at 3.70% p.a. over 90 Day BBSW, at the bottom of the indicative range (3.70 - 3.90%). The Broker Firm Offer allocated a total o...

On 1 November, the Commonwealth Bank of Australia announced the redemption of PERLS VI on the next business day following the Call Date (17 December 2018). This announcement was released in conjunction with the new PERLS XI issue, which in-part replaces PERLS VI. Please see our dedicated announcement for the new PERLS XI issue for furthe...

On the 1st of November 2018, Commonwealth Bank of Australia (“CBA”) launched an offer for CommBank PERLS XI Capital Notes (expected ASX Code: CBAPH). The offer size is guided to be $750 million, with the bank retaining the ability to raise more or less. These securities are structured as perpetual, subordinated, unsecured, convertible notes. ...

Centuria (ASX: CNI) today announced that it had successfully closed the bookbuild for its issue of Centuria Notes II. The final issue size was $80,000,000 comprising $35,000,000 of Floating Rate Notes (AU3FN0045068) and $45,000,000 of Fixed Rate Notes (AU3CB0257830). The interest margin was set as guided at 4.25% p.a. over 90-day BBSW and...

On 10 October 2018, Centuria Capital No.2 Fund ("The Issuer") announced a new issue, Centuria Notes II (ISIN: To be Confirmed). The notes are expected to be issued on the 22 October 2018 and raise between $75-$100 million across both the floating ($25 to $50 million) and fixed ($25 to $50 million) tranches. The proceeds will be used to maintain/...

Cash Converters (ASX:CCV) yesterday redeemed the Cash Converters 7.95% 2018 Bond, in line with its stated intention to do so contained as part of its full year results announcement dated 27th August 2018. This announcement noted the successful A$39.5 million non-renounceable rights issuance, the proceeds of which in part contributed to settle...

Seven Group (ASX: SVW) today launched an offer to holders of Seven Group TELYS4 (ASX: SVWPA) preference shares to redeem and/or convert their units. The Conversion Proposal allows holders to convert their holdings at an 15% premium to market value and receive 4.60645 ordinary shares for each TELYS4. The conversion ratio has been calculated as th...