BEN nets A$650 million in new five-year FRN deal
- Wednesday, 13 April 2016
Bendigo and Adelaide Bank (BEN) (A-/A2/A-) priced a new five-year transaction on April 13, at 146 basis points over bank bills from an indicative range of 145-148 basis points over bills. The issuer also revealed that it repurchased A$151 million of its August 2016 notes as part of the transaction.
Issuer name: Bendigo and Adelaide Bank
Issuer rating: A-/A2/A-
Issue rating: as issuer
Pricing date: April 13 2016
Settlement date: April 20 2016
Maturity date: April 20 2021
Lead managers: ANZ, Commonwealth Bank of Australia, National Australia Bank, Nomura, Westpac Institutional Bank
Volume: A$650 million
Total outstanding in this line: A$650 million
Coupon type: FRN
Coupon rate: 3m BBSW +146bp
Issue/re-offer price: par
Margin to swap: 146bp/3m BBSW
Issuer's previous domestic issue date: August 11 2015
Previous issue maturity: August 18 2020
Previous issue volume: A$600 million
Previous issue margin: 110bp/BBSW
