Currently available New Issues – June 2025

19 June 2025

Currently available New Issues:

Australia Pacific Airports (Melbourne) (BBB+/Baa1) priced a $1.0bn subordinated notes transaction across two tranches: a $550mn 30NC7.25 FXD-to-FRN at SQ ASW +220bps (5.989% coupon equivalent) and a $450mn 30NC5.25 FRN at 3mBBSW +205bps.
Barclays PLC (BBB+/Baa1/A) priced a senior unsecured transaction across three tranches: a $350m 6NC5 FRN and $250m 6NC5 FXD-to-FRN with a coupon of 3MBBSW/ S/QASW + 165 bps area and a $400m 11NC10 FXD-to-FRN with a coupon of S/Q ASW +200 bps (6.052% coupon equivalent).
BPCE SA (A+/A1/A) priced a $1.0bn 5-yr senior preferred FRN and FXD transaction at 3mBBSW / SQ ASW +125bps (4.7638% coupon equivalent for FXD) alongside a $500mn 15NC10 FXD-to-FRN Tier 2 transaction at SQ ASW +250bps (6.5618% coupon equivalent).
CommBank (AA-/Aa2/AA-) priced a $1.5bn Tier 2 10.25NC5.25 at 3mBBSW / SQ ASW +170bps (5.252% coupon equivalent for FXD).
ING Bank Limited (A3/A/A) priced two senior unsecured deals: a $1.25bn 3-yr FRN at 3mBBSW +80bps alongside a $500mn 5-yr at 3mBBSW +95bps.
Judo Bank (BBB) priced a 3-yr $175mn senior unsecured FRN transaction at 3mBBSW +145bps.
NextEra Energy Capital Holdings (A-/Baa1/A-) priced a 30NC5 subordinated $475m FXD-to-FRN and $300m FRN transaction offering a coupon of 3MBBSW or SQ ASW + 250 bps (6.043% coupon equivalent)

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