Non-major diversifies funding with FRN issue

A listed Australian bank has priced its fourth Senior Unsecured Floating Rate Note.

In a trading update last week, Auswide Bank said the 364-day $25 million senior unsecured floating rate note was priced at a margin of 90 basis points over the relevant BBSW.

Auswide said the FRN was issued to investors in the capital market under the bank’s existing Debt Issuance Program, with Laminar Capital Pty Ltd acting as Lead Manager.

Auswide Bank managing director Martin Barrett said he is pleased with the strong demand from Investors for the bank’s fourth issue of senior unsecured floating rate notes.

“It provides an effective source of funding and maintains diversification of our funding sources. The successful issue will assist with current growth in our housing, consumer and business loan portfolio”.

[Related: Auswide celebrates significant milestone]

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