When you’ve only got a Moody’s rating you probably paid for it.
Moody’s rate RACQ Bank Baa1 (Stable) and yesterday they were in the market for one-year funding.
ANZ Institutional arranged a new A$30 million 1-year senior unsecured floating rate medium term note transaction for Members Banking Group Limited, trading as RACQ Bank.
The notes are expected to be rated Baa1 by Moody’s.
The transaction priced with a coupon of 3-month BBSW plus a spread of 82 basis points and a re-offer price of par.
Settlement date is 18 May 2020.