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Non-major launches covered bond

by Staff Reporter7 minute read
The Adviser

Staff Reporter

Suncorp Bank has ramped up its funding capabilities with the launch of a $1.6 billion covered bond.

The non-major had initially launched a $750 million 4.5 year fixed rate covered bond, however strong demand from European, Asian and local debt investors caused the increase.

The bank said it sold a fixed rate bond, with a term of 4.5 years, at 140 basis points over mid-swaps. It also issued a A$500 million floating-rate tranche with a 2.5 year term at 105 basis points over the bank bill swap rate.

Barclays, Deutsche Bank AG, RBC Capital Markets and UBS have been mandated as Joint Lead Managers.

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