Suncorp Bank prices A$950 million five year covered bond 24 October 2014 4:56PM Bernard Kellerman Late yesterday, with its annual general meeting out of the way, Suncorp Bank announced it had priced its new five-year covered bond transaction, launched earlier in the day. Suncorp Bank's treasurer, Tim Hughes, said robust investor demand and the bank's A+ credit rating had allowed his team to raise A$250 million via a fixed rate tranche and A$700 million in floating rate paper, priced at 70 basis points over mid swaps."The bonds were taken up by 45 investors, with firm bids totalling more than A$1.1 billion," Hughes said, noting that offshore investors were allocated 20 per cent of the bonds.He described this as testament to the strength of Suncorp Bank's liquidity and funding position."This is our fourth covered bond transaction, following three successful deals in 2012 and forms an important part of Suncorp Bank's funding strategy," Hughes said."Combined with our other transactions completed in 2014, this trade continues to lengthen our balance sheet and supports profitable growth for Suncorp Bank."ANZ, Citi, Deutsche Bank and UBS Investment Bank were joint lead managers for the transaction.