insto - Australian financial markets

Over the week commencing 29 June, UK heavyweight Prudential managed to get away the first insurance Tier 1 deal since the onset of the global crisis and only the third insurance subordinated deal of 2009.

This is the only third RegS USD retail-targeted deal of 2009, but importantly is the third in as many weeks: the Standard Chartered and Credit Agricole transactions highlighting renewed private banking demand for hybrid Tier 1 securities.

SPI Electricity & Gas has priced a GBP250 million (A$517.091m) fixed rate Eurobond.

The step up/step down coupon, subject to ratings was priced at 7.125 per cent and the spread was 195 basis points over the UK Treasuries.

The deal was well oversubscribed with over 95 per cent of the transaction placed with real money accounts.

Joint leads on the transaction were BNP Paribas, HSBC and Royal Bank of Scotland.

BHP Billiton completes EUR1.2 billion Eurobond deal (19 February 2007) ***
BHP Billiton, rated A+/A1, completed a EUR1.2 billion fixed and floating rate eurobond on Friday 16 February via Barclays and BNP Paribas.