Suncorp Group (ASX: SUN) today announced the successful completion of the Bookbuild for the Suncorp Capital Notes (Prospective ASX Code: SUNPF). Due to strong investor demand, the final margin was set at bottom of the indicated range (4.10 - 4.30%) at 4.10% p.a. over the 3-month Bank Bill Swap Rate (90BBSW). SUN has allocated $300 million of th...

Suncorp Group Limited (ASX: SUN) today announced a new transaction, Suncorp Capital Notes (Prospective ASX Code: SUNPF). The purpose of this transaction is to provide regulatory capital but more specifically, it will be treated as Additional Tier 1 capital. The indicative size of the offer is [$250 million] but SUN retain the ability to change t...

Villa World Limited (ASX: VLW) today announced the successful completion of the Bookbuild for the Villa World Bonds (Prospective ASX Code: VLWHA). Due to strong investor demand, the Bookbuild was closed earlier than scheduled with the final margin set at 4.75% p.a. over the 3-month Bank Bill Swap Rate (90BBSW). A replacement prospectus is expec...

Villa World Limited (ASX: VLW) today announced a new issue, Villa World Bonds (Prospective ASX Code: VLWHA). The bonds are expected to be issued on the 21st of April 2017. The minimum size of the offer is $50 million but will change based on demand and the proceeds from the transaction will be used to grow inventory through acquisitions and join...

National Australia Bank (ASX: NAB) today closed the offer of the NAB Subordinated Notes 2 (ASX: NABPE) raising $943.2 million (up from the indicative offer size of $800 million). Under the reinvestment offer, ~$539 million of the NAB Subordinated Notes (ASX: NABHB) were repurchased and cancelled leaving ~$634 million of NABHB outstanding. For t...

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 bal...

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 di...

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 22n...

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 22n...

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...