By Romy Varghese and Enda Curran Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- Macquarie Bank on Wednesday became the third Australian bank to issue U.S. dollar-denominated bonds guaranteed by the Australian government's term funding guarantee program.
In New York trading, Macquarie (MQBKY) priced $1.7 billion of 4.10% bonds at 99.987 to yield 4.103%, according to a person familiar with the transaction. The risk premium was mid-swaps plus 160 basis points, or 251.3 basis points over comparable Treasury yields. The deal was through private placement via lead managers Barclays Capital and Goldman Sachs.
On Tuesday, Australia & New Zealand Banking Group Ltd. (ANZ) raised $1.75 billion in two-part bonds, and was swiftly followed by Westpac Banking Corp. (WBC.AU) raising $1.5 billion in Australian government-guaranteed bonds.
Australia & New Zealand Banking Group priced its $500 million two-year floating-rate bond at par to pay a spread of 70 basis points over the U.S. London interbank offered rate, according to a U.S. investor. The bank priced its $1.25 billion three-year fixed-rate bond at 99.887 to pay a spread of 211 basis points over Treasurys. The bond was priced to yield 3.24% with a 3.2% coupon.
Westpac priced its three-year 3.25% bond at par to pay a spread of 212.5 basis points over Treasurys, according to a person familiar with the situation.
National Australia Bank Ltd. (NAB) is also looking to issue a benchmark-sized five-year deal in offshore markets.
-By Romy Varghese, Dow Jones Newswires; 201-938-4287; romy.varghese@dowjones.com
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Publié le 10 Décembre 2008 Copyright © 2008 Dowjones