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BOQ raises $600 million through five-year funding transaction

BOQ raises $600 million through five-year funding transaction

Bank of Queensland (BOQ) has priced a new five-year funding transaction, raising $600 million through the issue of $425 million five-year floating rate notes and $125 million five-year fixed rate notes under its Australian Debt Instrument Program.

The floating tranche is priced at a margin of 107 basis points over the three-month Bank Bill Swap Rate (BBSR), while the fixed tranche is priced with a semi-annual coupon of 4.00 per cent (at the equivalent of 107 basis points over the semi/quarterly asset swap).

“This marks BOQ’s first five-year benchmark senior transaction since the global financial crisis,” BOQ chief financial officer Anthony Rose said.

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“We’re pleased we’ve been able to continue to build out our domestic yield curve with new fixed and floating five-year tranches, taking advantage of positive credit rating momentum and strong full year results.

“Over 70 accounts participated across both tranches following a successful deal road show in Melbourne, Sydney and Brisbane,” he said.

The geographic split was 88 per cent domestic investors and 12 per cent through overseas investors.

BOQ raises $600 million through five-year funding transaction
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