A monster week offshore for corporate bonds
Macquarie Bank (rated A), Origin Energy (BBB), Transurban (A-), Westfield Corporation (BBB+) and Aurizon (BBB+) raised the equivalent of A$7.5 billion in international bond markets last week. In the Euromarket, Macquarie Bank raised €500 million for five years, Transurban raised €600 million for ten years and Aurizon raised €500 million for ten years. Macquarie Bank paid 81.3 basis points over bunds, Transurban paid 82 bps over mid-swaps and Aurizon paid 90 bps over mid-swaps.Origin Energy was the standout issuer, selling €1 billion of subordinated hybrid notes with a 60-year term to maturity. That said, the notes which were priced at 367 bps over mid-swap and rated BB+ by S&P, have coupon step-ups after years five and ten, if the notes are not called.Westfield hit the US s144A market to sell a total of US$3.5 billion of bonds.