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FACTBOX-Australia banks' government guaranteed bond issues
SYDNEY, Dec 19, 2008 (Reuters via COMTEX) --
Australian banks are rushing to
raise funds worldwide under a new government guarantee to help
them shore up their balance sheets amid the global financial
turmoil.
Australia's move follows similar guarantees introduced in
other countries.
Over US$23 billion in government-guaranteed bonds has
been raised by Australian banks since Dec. 10.
Below is a summary of the bonds' issued, including investor
distributions, based on information obtained from market
sources:
Australia and New Zealand Banking Group
Issue:
US$2.6 bln 144a reg S 2, 3-year
government-guaranteed bonds priced on Dec.
10, 12, 15 & 18.
The offer comprised US$1.9 bln 3-year at
100bp/swap and US$700 mln 2-yr at 70bp/Libor.
Leads:
Bank of America and JPMorgan
Participants: (Before the offer was increased) 45 investors.
For the 3-year tranche, 65% from
North America, 10% from Europe, 20% Asia, 10%
others. For the 2-year tranche: 40% from
North America, 20% from Europe, 40% from
Asia
Issue:
35 bln yen of five-year government-guaranteed
eurobonds at 117.5bp over US Libor priced
around Dec. 18.
Lead:
Daiwa
Participants: Not available
Westpac Banking Corp
Issue:
US$1.9 bln 144a reg S 3-year
government-guaranteed bonds priced at 100
bp/swap on Dec 10 & 15.
Leads:
Bank of America, HSBC, JPMorgan and Morgan
Stanley.
Participants: (Before the offer was increased) 35 investors.
65% from North America, 20% from
Europe, 10% from Asia, 5% others.
Issue:
11.8 bln yen of five-year government
guaranteed eurobonds at 83bp over yen Libor
priced around Dec. 18.
Lead:
Mitsubishi UFJ and RBS
Participants: Not available
Commonwealth Bank of Australia (CBA)
Issue:
A$2.7 bln 3-, 5-year bonds sold in Australia
on Dec. 10. Offer included A$1.9 bln 5-year
fixed rate government-guaranteed bonds at
120bp/swap; A$300 mln 5-year
government-guaranteed FRN at 120bp/BBSW, and
A$500 mln 3-yr non-guaranteed bonds FRN at
160bp/BBSW.
Leads:
CBA (sole)
Participants: 50-70 investors, including middle-market
buyers; 82% from Australia, 18% Asia and a
small number from Europe
63% bought by real money investors, 27% by
banks
Issue:
20 bln yen of five-year government-guaranteed
eurobonds at 80bp over yen Libor priced
around Dec. 18.
Lead:
Nikko Citigroup
Participants: Not available
Macquarie Bank
Issue:
US$2.1 bln 144a reg S 5-year bonds priced at
160bp/swap on Dec. 11 and Dec. 12.
Leads:
Barclays Capital and Goldman Sachs
Participants: More than 35 investors from the U.S., Europe
and Asia. More than half placed in the U.S.
More than half placed with fund managers.
Issue:
US$1.2 bln 144a reg S 13-month bonds priced
at 35bp/EDSF on Dec. 17.
Leads:
Barclays Capital and Goldman Sachs
Participants: Undisclosed (private placement)
National Australia Bank
Issue:
A$2.5 billion 3- and 5-yr bonds sold in
Australia on Dec. 12. Offer included A$700
mln 3-year FRN at 100bp/BBSW & A$1.8 bln
5-year at 120bp/swap.
Leads:
NAB
Participants: 43 bond tickets sold, 80% in Australia, 20%
offshore, mostly Asia. A$58 mln average
ticket size.
40% bought by banks, 36% by funds, 4% by
government agencies
Issue:
15 bln yen of five-year government-guaranteed
eurobonds at around 80bp over yen Libor
priced around Dec. 18. Offer included 11 bln
yen in fixed rate notes.
Lead:
Mizuho
Participants: Not available
Suncorp-Metway
Issue:
A$1.1 bln 3-year bonds sold in Australia at
140bp/swap on Dec. 11.
Leads:
Deutsche Bank and JPMorgan
Participants: A dozen Australian investors. More than half
were real money investors, the rest banks.
Royal Bank of Scotland Plc, Australia branch
Issue:
A$1.085 bln 1-yr bonds sold in Australia on
Dec. 18. Offer included A$435 mln
government-guaranteed 1-yr FRN at 60bp/BBSW,
A$550 mln non-guaranteed fixed certificate of
deposit at 130bp and A$100 mln
non-guaranteed FRN at 130bp/BBSW.
Leads:
Macquarie, RBS, Westpac
Participants: Not immediately available
(Reporting by Cecile Lefort)
Keywords: AUSTRALIA BONDS/FACTBOX
(cecile.lefort@reuters.com; +612-9373-1234; Reuters Messaging:
cecile.lefort.reuters.com@reuters.net)
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