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FinanceAustralia s Westpac breaks bond hiatus with first SOFR deal
Paulina Duran
4 minute read
A pedestrian looks at his phone as he walks past a logo for Australia s Westpac Banking Corp located outside a branch in central Sydney, Australia, November 5, 2018. REUTERS/David Gray
Westpac Banking Group (WBC.AX) on Tuesday will reopen Australia s big banks bond-market taps for the first time in more than a year, in a deal marking the first use of a non-USD Libor benchmark rate to price the debt.
The country s second-largest lender is offering senior bonds for the first time since January 2020, with part of the issue due to be priced at a spread over the Secured Overnight Financing Rate (SOFR), which is replacing Libor, according to a memo seen by Reuters.
What do the CEOs of the Big Four banks think of the Federal Budget?
Brooke Cooper | May 12, 2021 4:01pm |
More on: Image source: Getty Images
The Federal Budget has been on the lips of most Australians today, and the top dogs of Australia’s Big Four banks, along with
They were all generally supportive of the Budget, despite acknowledging it was far more stimulatory than many Australians expected.
Some complimented the Government on its approach to supporting businesses, while others were looking forward to the return of migration in 2022.
Here’s what they had to say.
Australia and New Zealand Banking Group
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HSF Advises Joint Lead Managers on Commonwealth Bank of Australia’s A$1.18 billion PERLS XIII Issue
Herbert Smith Freehills has advised the Joint Lead Managers of the Commonwealth Bank of Australia’s (CBA) offer of CommBank PERLS XIII Capital Notes.
CBA is one of Australia’s leading providers of integrated financial services including retail, business and institutional banking, funds management, superannuation, insurance and broking services.
CommBank PERLS XIII Capital Notes are subordinated, unsecured notes. The proceeds from the issue will raise Tier 1 Capital to satisfy CBA’s regulatory capital requirements and maintain the diversity of CBA’s sources and types of funding. The net proceeds of the Offer will be used to fund CBA’s business.
Australian companies were found to be leaders in making their ESG objectives clear in integrated reports and reporting ESG impacts in separate reports. However, they fell down on reporting names of stakeholder groups they engaged with, describing and defining boundaries in a supply chain and disclosing in-depth details.
Over 75% of Australian separate sustainability reports failed to disclose how stakeholders were identified, 41% failed to report how they engaged with stakeholders and 38% failed to provide a list of stakeholder groups.
Mark Paterson, principal of Currie, a corporate sustainability specialist which co-authored the report, said: “Global standards make stakeholder dialogue a priority for sustainability reporting, yet a weakness in reporting common to all regions is transparency around stakeholder involvement.