Briefs: Bendigo sells unsecured debt, Suncorp cuts staff and spill motion at Cabcharge

  • Bendigo and Adelaide Bank is marketing a three-year, senior unsecured bond, one that is, according to the bank, its first public bond deal since Bendigo took over Adelaide Bank in 2007. Bendigo has placed unsecured debt on a sufficiently public basis to make it into the bond deal databases of the Debt Capital Markets Review, such as a A$111 million bond sold in late 2010. ANZ, National Australia Bank and Nomura are marketing the bond.
  • Suncorp has cut staff numbers over the last year by around 350 the Courier Mail reported.
  • Last year's downgrade in the credit rating of NAB's Clydesdale Bank arm is the rationale for one school district in the UK to move its accounts away from the bank. Two-thirds of Bradford Council's 150 schools banked with NAB, which trades in the region as Yorkshire Bank. Local newspaper the Telegraph & Argus reported on the shift in council policy. Fitch, Moody's and Standard & Poor's all cut Clydesdale's credit rating late last year. 
  • A spill resolution is on the notice paper for the annual general meeting next month of Cabcharge. Forty-one per cent of shareholders voted against the remuneration report at the 2011 annual meeting, forcing inclusion of the spill resolution at this year's meeting.