News
On 19 May, Crown Group Finance (Crown) completed its previously announced tender offer to buy back its fixed-rate Australian dollar notes maturing in November 2019. The offer, which was originally launched on 1 May, has seen A$190.93 million (US$141.6 million) of domestic paper bought back by the issuer.
Institutional investors’ growing willingness to engage with unrated and other forms of higher-yielding debt supported the substantially larger volume outcome achieved by Australia’s latest returning unrated issuer, the deal’s arranger says. NEXTDC priced A$300 million (US$222.5 million) of four-year bonds on 15 May from a significantly oversubscribed book according to deal sources.
The new tier-two deal for IMB Bank (BBB+, with an expected issue rating of BBB-) progressed to launch on 19 May, after being mandated the previous day. The forthcoming transaction has 10-year, non-call five maturity and price guidance of 310 basis points area over three-month bank bills, refined from initial guidance of low 300s basis points over bills, according to its lead manager, ANZ.
Infratil announced an offer of NZ$75-150 million (US$52.8-105.6 million) in two tranches of infrastructure bonds on 18 May. The new December 2022 bonds will carry an interest rate of 5.65 per cent while the June 2025 notes will pay 6.15 per cent.
IMB Bank (BBB+, with an expected issue rating of BBB-) mandated a new tier-two deal on 18 May. The forthcoming transaction has 10-year, non-call five maturity and is being marketed at a margin in the low 300s basis points over swap according to its lead manager, ANZ.
GMT Bond Issuer (BBB, with an expected issue rating of BBB+), the issuing entity of Goodman Property Trust (Goodman), launched a seven-year, retail-format transaction in the New Zealand market on 18 May. The deal is for NZ75 million (US$52 million) with capacity to upsize by up to NZ$25 million.