insto - Australian financial markets

IFC issues A$500m 10-year fixed rate note

The International Finance Corporation issued A$500 million in fixed rate notes. The coupon is 5.75 percent and bonds mature on 28 July 2020.

Lead managers for the deal are ANZ, Commonwealth Bank and UBS.

Details are as follows:
Issuer: International Finance Corporation
Ratings: Aaa (Moody’s) AAA (S&P)
Amount: A$500m
Settlement date: 28 July 2010
Maturity date: 28 July 2020
Coupon: 5.75 percent
Lead managers: ANZ, Commonwealth Bank and UBS

BNG issues A$75m June 2013 EMTN increase

The coupon is 5.5 percent

Sole lead manager is TD Securities

The week ended with Members Equity Bank pricing its A$1.2 billion dual currency issue, a large-sized RMBS with a four-bank syndicate of lead managers. Two convertibles were issued on the eve of the new financial year, in which more issuance is expected.

Bank of Queensland will issue A$150 million in Lower Tier 2 convertible notes in a private placement.

The convertible notes will be issued in three tranches maturing June 2020. Tranche 1 will be A$60 million and Tranches 2 and 3 will be A$45 million. The notes will pay a monthly coupon equal to the 30 bank bill rate plus 400 basis points.

The convertible notes may be converted into BoQ shares, starting with Tranche 1 from 10 July 2011, Tranche 2 from 10 December 2011, and Tranche 3 from 10 June 2012.

NAB A$1bn increase to April 2013 fixed/floating

The Bank of New Zealand launched and priced NZ$425 million in covered bonds, the first such deal in Australasia. The issue will be the first in the bank's NZ$3 billion program which was announced on June 2, 2010.

The deal includes NZ175 million in five-year covered bonds ,maturing 30 June , 2015 and NZ$250 million in seven-year covered bonds, maturing 30 June 2017.

BNZ's deal was built on a cover pool of more than NZ$521 million in mortgage loans. Moody's has assigned the program Aaa rating. Moody's has rated BNZ's Upper Tier 2 debt  A1 and its Tier 1 debt A3. 

Australian hedge fund Basis Capital has joined the queue in taking legal action against Goldman Sachs, with a $1.5 billion legal action pending over the fund’s investment in a toxic mortgage linked security. Former Fairfax chief Fred Hilmer, the Myer Family and Westpac board member Stuart Hornery are among the investors who lost out in the so called “Timberwolf” transaction which saw the Basis Yield Alpha Fund invest in collateralized debt obligations packaged and sold by Goldman.