European retail market tapped by Coca-Cola Amatil
Coca-Cola Amatil on Wednesday night sold $175 million of Australian dollar bonds to a largely retail client base sourced through European and Asian banks.CCA priced the notes, with a term of three years and three months, to yield 60 basis points more than the mid-swap rate, Bloomberg reported. Credit Suisse and BNP Paribas managed the bond sale.Coca-Cola Company owns 30 per cent of CCA's Australian bottling offshoot (which services other regional markets as well), and the name no doubt facilitated both the rare sale of retail bonds offshore by an Australian corporate as well as the keen pricing. CCA holds a credit rating of A3 from Moody's Investor Service.By comparison National Australia Bank yesterday said it sold $1.25 billion of four year debt at a yield of 75 basis points more than the swap rate. NAB has a Aa1 rating from Moody's.Bank of Nova Scotia, a Canadian bank, yesterday priced $1 billion in four year debt structured as a covered bond, at a spread of 46 bps over swap.