Crown Resorts (ASX: CWN) announced today that it intends to buy-back all of the outstanding Crown Subordinated Notes I (ASX: CWNHA). The amount outstanding is $530 million and the final buy-back size will be dependent on market conditions and available liquidity. Crown reserves the right to execute the buy-back on-market as well as off-market. T...

Challenger (CGF) today announced the successful completion of the Bookbuild for the Challenger Capital Notes 2 (Prospective ASX Code: CGFPB), setting the Margin at 4.40% over the 3-month Bank Bill Swap Rate (90BBSW). Due to strong investor demand, Challenger closed the Bookbuild earlier than scheduled and also increased the Offer size to $450 mi...

The Commonwealth Bank of Australia (ASX: CBA) today announced the successful completion of the Bookbuild for the PERLS IX (Prospective ASX Code: CBAPF), setting the margin at 3.90% over the 3-month Bank Bill Swap Rate (90BBSW). Due to strong investor demand, CBA allocated $1.45 billion under the Broker Firm Offer and continues to accept applicat...

On 28th February 2017, Challenger Ltd (CGF) announced a new issue namely Challenger Capital Notes 2 (prospective ASX Code: CGFPB). The purpose of this transaction is to provide Regulatory Capital for the group but more specifically, it will be treated as additional Tier 1 capital. The indicative size of the offer is [$350 million] but CGF retain...

Elders Limited (ASX code: ELD) announced today it will realise all its hybrids on the 30th of March 2017, by way of resale to Elders Management Services Pty Ltd (EMS), a wholly owned subsidiary of Elders Limited. EMS currently owns ~75% of these hybrids and will need ~$45.5 million to complete the full purchase, which will be funded by the b...

URF Notes III (ASX: URFHC) commence trading today. US Masters Residential Property Fund recently closed the offer raising $175 million. The offer was oversubscribed. Issue and allotment of URFHC was conducted on the 20th of February 2017. URFHC commences trading today (23 February 2017).

On the 20th of February 2017, the Commonwealth Bank of Australia (CBA) announced a new issue namely PERLS IX (Prospective ASX Code: CBAPF). The notes are expected to be issued on the 31st of March 2017. The purpose of this transaction is to provide Regulatory Capital for the group but more specifically, it will be treated as additional Tier 1 ca...

On the 14th of February 2017, Challenger Limited (ASX: CGF) announced that it intends launch Challenger Capital Notes 2 in the first quarter in 2017 (subject to market conditions). The group outlined that the new issue will be similar to Challenger Capital Notes (ASX: CGFPA) and is targeting to raise $350 million. The notes will pay franked ...

On 8th February 2017, National Australia Bank (NAB) announced a new transaction, NAB Subordinated Notes 2 (ASX Code: NABPE). The purpose of this transaction is to provide Regulatory Capital for the group but more specifically, it will be treated as Tier 2 capital. The indicative size of the offer is [$750 million] but NAB retain the ability to c...

On the 2nd of February 2017, Tabcorp Holdings (ASX: TAH) announced its intention to redeem all outstanding Tabcorp Subordinated Notes (ASX: TAHHB). Noteholders who are on the register on the 14th of March 2017 will be entitled to be paid redemption proceeds of $100 face value together with the final interest payment of $1.43 per note on the 2...

On 23 January 2017 Australian Foundation Investment Company (ASX Code: AFI) announced its results for the half year ending 31 December 2016. In the results the company confirmed the last date for the receipt of Exit Notices for the final conversion of Notes into ordinary shares is 13 February 2017. As we expected the notes which are not converte...

On the 15th of December 2016, Crown Resorts Limited (ASX: CWN) announced the decision to further sell down its share in Melco Crown Entertainment Limited by 16.2% to 11.2%. The transaction is expected to generate ~$1.9 billion and funds will be used to reduce net debt by ~$800 million, pay a special distribution of ~$600 million and facilitate o...

On the 21st of November 2016 Insurance Australia Group Limited (IAG) announced a new transaction, IAG Capital Notes (Prospective ASX Code: IAGPD). The purpose of this transaction is to provide regulatory capital for the group but more specifically it will be treated as Additional Tier 1 (AT1) capital for regulatory purposes. These securities ar...

On the 17th of November 2016, Origin Energy (ASX: ORG) announced its intention to redeem all outstanding Origin Subordinated Notes (ASX: ORGHA). Noteholders who are on the register on the 14th of December 2016 will be entitled to be paid redemption proceeds of $100 face value together with the final interest payment of $1.43 per note on the 2...

On the 27th of September 2016, ANZ announced the completion of the ANZ Capital Notes 4 (ASX Code: ANZPG) offer, issuing $1.622 billion of Additional Tier 1 Capital, effectively pre-funding the ~$1.969 billion ANZPA. Holders of ANZPA were given the option to reinvest their holdings into this new security and on the 8th of November 2016, ANZ annou...

On the 25th of August 2016, Woolworths Limited (ASX: WOW) announced its intention to redeem the Woolworths Subordinated Notes (ASX: WOWHC) on the 24th of November 2016 (First Call Date). As a result, the notes ceased trading on the ASX on the 15th of November 2016 with the last trading day being the 14th of November 2016. Holders who are on t...

Qube Subordinated Notes – Commence trading today on a deferred settlement basis Qube Holdings Limited previously closed offer raising $305 million. QUBHA commence trading on a deferred settlement basis today at 10:00am Trading is expected to commence on a normal settlement basis on the 10th of October 2016.

On the 30th of August 2016 Qube Holdings Limited (QUB) announced a new transaction, Qube Subordinated Notes (Prospective ASX Code: QUBHA). The purpose of this transaction is to provide funding for the group but also to help fund the partial acquisition and development of the Moorebank Intermodal Freight Precinct. The indicative size of the offer...

On the 16th of August 2016 Australian and New Zealand Banking Corporation (ANZ) announced a new transaction, ANZ Capital Notes 4 (Prospective ASX Code: ANZPG). The purpose of this transaction is to provide Regulatory Capital for the group but more specifically it will be treated as additional Tier 1 capital for regulatory purposes. The indi...

On the 3rd of August 2016, Seven Group Holdings (ASX Code: SVW) announced the on-market purchase of up to 10% of TELYS4 (ASX Code: SVWPA) subject to market conditions. The group intends complete this over the next 12 months. Over the past 12 months Seven Group has undergone an extensive share buy-back as part of their capital management strat...