Friday February 20, 05:14 AM
UPDATE 1-Macquarie sells A$1.1 bln bonds to 41 investors
SYDNEY, Feb 20 (Reuters) - Macquarie Bank,
Australia's top investment bank, has sold A$1.1 billion ($710.1
million) of five-year bonds backed by the Australian government
to 41 investors, a market source said.
Australian buyers took up 93 percent of the offer, with
Asian investors taking 4 percent and Europeans 3 percent.
More than half landed with banks, with most of the balance
in the hands of fund managers. A small portion was bought by
governments.
Macquarie paid 100 basis points over swap, a fund manager
said, having initiated discussions with investors at a margin of
90 basis points. He said the final price looked fair based on
similar government-backed bonds sold by other local banks.
It was Macquarie's first public foray in Australia under the
guarantee, having previously raised A$10.9 billion, mostly in
U.S. dollars.
Overall, Australia banks have this year sold more than A$58
billion equivalent of funds under a government guarantee put in
place in November to help banks weather the crisis. Most of the
bonds were sold in U.S. and Australian dollars and all rated
triple A by S&P and Moody's.
Deal details are as follows:
Issuer: Macquarie Bank Ltd
Guarantor: Commonwealth of Australia
Facility: Fixed rate notes
Law: Australia
Amount issued: A$1.1 billion
Maturity: Feb. 25, 2014
Set date: Feb. 25
Coupon: 5.00%
Yield: 5.145%
Spread: +100bp/swap
Issue price: 99.368
Leads: JPMorgan, Macquarie Bank and Royal Bank of
Scotland
Co-managers: ANZ, Commonwealth Bank of Australia (Munich: 882695 - news) ,
National Australia Bank (Berlin: NAL.BE - news) and Royal Bank of
Canada
Issue rating: AAA (S&P), Aaa (Moody's)
($1=1.549 Australian Dollar)
(Reporting by Cecile Lefort)
Keywords: MACQUARIE/BONDS
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