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.

  • By Virginia Furness
  • 22 Jan 2014

“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”.

The ...

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