On the 28th of March 2018, Liberty Financial Pty Ltd (“Liberty”) launched and completed an offer for 3-year Medium Term Notes. The issue concluded with a size of $150 million, upsized from the $100 million at launch. These securities are structured as fixed-rate, senior, unsecured obligations. Distributions are direct, unconditional and paid on...

Commonwealth Bank of Australia (CBA) on 9 March 2018 announced the successful completion of the Bookbuild for the offer of CommBank PERLS X Capital Notes (Prospective ASX Code: CBAPG). The final margin was set at 3.40% p.a. over 90 Day BBSW, at the bottom of the indicative range (3.40 - 3.60%). The Broker Firm Offer allocated a total of $1.25 ...

Westpac Capital Notes 5 (WBCPH) – commenced trading today on a deferred settlement basis The Westpac Capital Notes 5 (ASX Code: WBCPH) distribution rate for the first distribution period was calculated today at 3.5875% (5.125% grossed for franking). The first cash distribution will be $0.9927, fully franked and payable on 22 June 2018.. Nor...

Bank of Queensland (ASX: BOQ) today announced its intention to redeem all remaining Convertible Preference Shares (ASX: BOQPD) on the first optional call date (16 April 2018). The bank stated it will issue a formal notice on the 5th of March 2018 which is the date BOQPD will be suspended from trading. Unitholders will be entitled to face value...

As we expected, APA Group today announced the redemption of its subordinated notes (ASX: AQHHA) as part of its interim results (1H18). The redemption will take place on the first optional call date (31 March 2018) and holders on the record date (23 March 2018) will be entitled to the final payment. The final payment comprises face value ($100 ...

Westpac Banking Corporation (WBC) on Friday 9 February 2018 announced the successful completion of the Bookbuild for the Westpac Capital Notes 5 (Prospective ASX Code: WBCPH). The final margin was set at 3.20% p.a. over 90 Day BBSW, at the bottom of the indicative range (3.20 - 3.40%). The Offer size has been increased to $1.45 billion (from $...

ANZ today announced it will repay the remaining ANZ Convertible Preference Shares 3 (ASX: ANZPC) on the 1st of March 2018 (next scheduled interest payment date). The final interest payment will be paid ($1.4753) together with par value ($100.00). The last day of trading on the ASX for CPS3 will be on the 12th of February 2018.

The Scheme of Arrangement regarding the merger between Tatts Group (ASX: TTS) and Tabcorp Holdings (ASX: TAH) was implemented today. As a result, Tatts is now a wholly-owned subsidiary of Tabcorp. Under the terms of the Tatts Bonds (ASX: TTSHA), this has triggered a Change of Control Event. As “a person and their associates (Tabcorp) has come t...

On 22 November 2017, Bank of Queensland Limited (“BOQ”) issued an offer for Bank of Queensland Limited Capital Notes (expected ASX Code: BOQPE), to raise $300 million, with the ability to raise more or less, accompanied by a reinvestment offer for holders of the existing Bank of Queensland Convertible Preference Shares (CPS, ASX Code: BOQPD). Th...

On the 16th November, Members Equity Bank Limited completed the bookbuild of its Wholesale Capital Notes, which qualify for regulatory Additional Tier 1 capital. Following strong investor demand, the notes were upsized to $200 million from $150 million and will be issued with a margin of 525bps over 3mBBSW.. The notes are expected to settle on...

On the 15th November, QMS Media Limited announced that it had successfully closed its offering of 5-year senior unsecured notes. Following strong investor demand, the notes were upsized to $70 million from $50 million and carry a fixed 7.00% coupon. The notes are expected to settle on 21 November 2017.

On the 14th November 2017 Members Equity Bank Limited (ME Bank / ME) announced a new issue, Members Equity Wholesale Capital Notes [ISIN: To Be Confirmed]. The notes are expected to be issued on the 28th November 2017 and the offer is expected to raise up to $150 million (with the ability to raise more or less). These securities are structured...

QMS Media Limited (QMS) has launched fixed rate notes raising $50 million with the ability to take oversubscriptions. The notes pay a coupon rate of 7.00% ~ 7.25% p.a. The payment is paid semi-annually in arrears on the 21st of May and 21st of November of each year up to maturity with the first commencing on 21st of May 2018. The maturity date...

Suncorp Group (SUN) today announced the successful completion of the Bookbuild for the Suncorp Capital Notes 2 (Prospective ASX Code: SUNPG). The final margin was set at 3.65% p.a. over 90 Day BBSW or the bottom of the indicative range (3.65 - 3.85%). Following the completion of the bookbuild, SUN confirmed the offer size of $300 million under ...

Bendigo & Adelaide Bank (BEN) today announced the successful completion of the Bookbuild for the Bendigo & Adelaide Bank Converting Preference Shares 4 (Prospective ASX Code: BENPG). The final margin was set at 3.75% p.a. over 90 Day BBSW or the bottom of the indicative range (3.75 - 3.95%). Following the completion of the bookbuild, BE...

Elanor Investors Group (ASX: ENN) today launched its inaugural fixed rate bond raising $40 million. The bonds pay a coupon rate of 7.10% p.a. which is paid on a semi-annual basis in arrears. The legal final maturity date is the 17th of October 2022 (5-years).

ANZ today closed its offer for the ANZ Capital Notes 5 (ASX: ANZPH). The bank revealed it would allocate ~$930 million of the notes under the ANZ Securityholder Offer and Broker Firm Reinvestment Offer. As a result, the Broker Firm New Money Offer will not proceed. ~$812 million of the ANZ Convertible Preference Shares 3 (ASX: ANZPC) were eithe...

ANZ today announced the successful completion of the Bookbuild for the ANZ Capital Notes 5 (Prospective ASX Code: ANZPH). The final margin was set at 3.80% p.a. over 90 Day BBSW or the bottom of the indicative range (3.80 - 4.00%). ANZ has allocated $552 million of the notes under the Broker Firm Offer. The final size of the offer is dependent ...

Westpac (ASX: WBC) today announced it had redeemed all Westpac Subordinated Notes (ASX: WBCHA) outstanding. See announcement attached.

On the 16th August 2017, the Australia and New Zealand Banking Group Limited (ANZ) announced a new issue, namely ANZ Capital Notes 5 (CN5, prospective ASX Code: ANZPH). The transaction provides regulatory capital for the group and constitutes Additional Tier 1 capital. The indicative size of the offer is up to [$1 billion] and ANZ reserves the...