Australian company’s $150m notes issue succeeds with advice from Allens

There may be more action in subordinated debt in the near future, the lead partner says

Australian company’s $150m notes issue succeeds with advice from Allens

Allens has helped SEEK on its successful issue of $150m in subordinated notes in Singapore.

Issued under the company’s “Guaranteed Euro Medium Term Note Program,” the notes were listed on the Singapore Stock Exchange in a transaction led by ANZ, HSBC, and NAB.

James Darcy, head of debt capital markets at Allen, said that SEEK received strong support for its first subordinated notes issuance. Darcy also hinted that there may be more action in subordinated debt in the near future, while Allens said that it has observed an increase of queries related to subordinated products, even as subordinated notes issuances by Australian non-financial institutions have become rare in recent years.

“As investors search for higher yields in a low interest rate environment, we may expect other corporate treasury teams to investigate subordinated debt as an additional source of capital,” Darcy said.

Allens worked with Linklaters, its global alliance partner, on the SEEK issuance, which capped off a busy year for the leading Australian firm in the sector.

Allens and Linklaters advised on the $450m bond issue of Pacific National, which won in FinanceAsia’s 2019 Achievement Awards as the best local bond. Allens also advised Coles with its $600m debut bond issuance and note investors of the Australia Pacific Airports’ US private placement, which both won awards at the KangaNews Awards 2019.

Allens also worked on establishing bond programs or bond issuances for Origin, BWP Trust, Edith Cowan University, PACCAR Financial and Endeavour Energy in 2019. It also advised on the landmark $300m green bond issuance of the QIC Shopping Centre Fund.

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