Bendigo courts institutions with first tier two
Bendigo & Adelaide Bank opted for tier two in its latest Basel III compliant bond in a effort to attract institutional accounts, but it had to offer a substantial pick up over the nearest comparables to satisfy that investor, finally pricing at 280bp over three month BBSW.
“The bank has been to the retail market recently so it makes sense for them to target a different investor base,” said a banker on the deal. “Bendigo wanted to attract only sophisticated institutional investors and also wants to be a repeat issuer in this market”.
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