FINA Wrap – Fixed Income News Roundup – January 2020

Elizabeth Moran
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FINA Wrap – Fixed Income News Roundup – January 2020

Each month Fixed Income News Australia provides a wrap of all the latest bond issues and changes from around Australia.

Economic data

  • No RBA meeting in January, the cash rate remains at 0.75%
  • Devastating bushfires across five states, the Insurance Council of Australia says $800m in claims since September and the Commonwealth Government commits $2 billion to help affected people and properties.
  • The US bombs and kills Iranian Colonel.
Source: Trading Economics

Australian Financial Institutions

Suncorp

Suncorp Group closed an additional tier-one (AT1) capital deal, Capital Notes 3, issuing $389 million at 3month BBSW +300bps. 

Companies

Seek

Issued a $150 million unrated, subordinated floating rate note at 3 month BBSW + 370 basis points.  The FRN was structured with final maturity in 6.5 years at 20 June 2026 with a call date after 3.5 years at 20 June 2023 – deemed ‘6.5NC3.5’.

Source: KangaNews

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Elizabeth Moran
Elizabeth Moran
Editorial Director
Elizabeth is a nationally-recognised independent expert on fixed income. She has more than 25 years experience in banking and financial institutions in Australia and the UK and has been published in every major Australian newspaper and investment website. Prior to becoming an independent commentator in 2019 she spent more than 10 years as the head of education and research at fixed income broker FIIG Securities. Prior to joining FIIG, Elizabeth worked as an Editor/Analyst for Rapid Ratings a quantitative credit rating agency. She also spent five years in London, three working as a credit rating analyst for NatWest Markets.

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