FACTBOX-Australian banks' government guaranteed bond issues
(This item will be discontinued after Jan. 12, for a list of Australian government-guaranteed bonds double-click on the weekly bond log on [AU/DBT])
SYDNEY, Jan 12 (Reuters) - 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$26 billion in government-guaranteed bonds has been raised by Australian banks between Dec. 10 and Jan. 12.
Below is a summary of the major bond issues bonds, including investor distributions, based on information obtained from market sources:
Australia and New Zealand Banking Group (ANZ.AX)
Issue: US$2.6 bln 144a reg S 2, 3-year 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 U.S. Libor priced
around Dec. 18.
Lead: Daiwa
Participants: Not available
Issue: A$3.25 bln 3- & 5-year bonds sold in Australia at 85bp and 110bps over swap and BBSW on Jan. 9. Offer included A$650 mln 3-year FRN, A$1.5 bln 5-year fixed and A$1.1 bln 5-year FRN.
Leads: ANZ and UBS
Participants: 63 investors bought 5-year tranche.
Issue: 200 mln swiss francs of four-year
government-guaranteed eurobonds priced on Jan.
8.
Lead: UBS
Participants: Not available
Issue: US$370 mln April 2012 government-guaranteed
eurobonds priced on Jan. 8.
Lead: Daiwa
Participants: Placed in Asia
Issue: 200 mln swiss francs of four-year
government-guaranteed eurobonds priced on Jan.
8.
Lead: UBS
Participants: Not available
Issue: US$750 mln Jan. 2014 government-guaranteed
144a FRN priced at 101bp/US Libor on Jan. 9.
Lead: TD
Participants: Private placement sold in the United States
Westpac Banking Corp (WBC.AX)
Issue: US$3 bln 144a reg S 3-year (2011)
government-guaranteed bonds initially priced at 100bp/swap on Dec 10, 15, 18 & Jan. 9.
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
Issue: 200 mln swiss francs of five-year
government-guaranteed eurobonds priced on Jan.
8.
Lead: Credit Suisse
Participants: Not available
Issue: US$750 mln Jan. 16, 2014 government-guaranteed 144a FRN priced on Jan. 9 at 105bp/US Libor.
Lead: TD
Participants: Not available
Commonwealth Bank of Australia (CBA.AX) (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
Issue: 300 mln swiss francs of four-year
government-guaranteed eurobonds priced on Jan.
6.
Lead: Credit Suisse
Participants: Not available
Issue: US$3.075 billion of 144a reg S bonds priced on Jan. 9. Offer included US$2.5 bln 3-year bonds at 78bp/swap and US$575 mln 5-year bonds at 85bp/swap.
Joint books: Citi, Goldman Sachs, JPMorgan
Participants: Nearly 100 investors in Asia, the U.S. and
Europe.
Buyers mostly included asset managers and
banks.
Macquarie Bank (MQG.AX)
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)
Issue: US$250 144a reg S 2014 bonds priced
at 121.5bp/US Libor on Jan 9.
Leads: TD
Participants: Not available
National Australia Bank (NAB.AX)
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
Issue: US$555 mln of three-year government-guaranteed eurobonds at 75bp over U.S. Libor priced on Dec. 17.
Lead: Daiwa
Participants: Not available
Issue: US$2.5 bln of three-year government-guaranteed 144a reg S at 85bp over swap priced on Jan. 7.
Lead: Barclays/HSBC/Merrill Lynch/RBC
Participants: Over 160 investors, 41% in U.S., 37% in Asia
Pacific, 22% in Europe and Middle East.
53% bought by banks and trusts, 28% by funds,
11% by sovereign entities, rest by insurance
companies and hedge funds.
Issue: A$500 mln of five-year government-guaranteed
bonds sold in Australia at 110bp over swap
priced on Jan. 7.
Lead: Citigroup, JPMorgan and Goldman Sachs
Participants: Not available
Suncorp-Metway (SUN.AX)
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.
Issue: 550 mln sterling pound 4-year bonds at
105bp/swap on Jan. 9.
Leads: Citigroup, Deutsche Bank and RBC.
Participants: Not available.
Royal Bank of Scotland Plc, Australia branch (RBS.L)
Issue: A$1.085 bln 1-yr bonds sold in Australia on
Dec. 18. Offer included A$485 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)
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