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SYDNEY, July 13 (Reuters) - Commonwealth Bank of Australia
(CBA), the nation's third-largest lender, has raised A$570
million ($443 million) equivalent in two issues backed by an
Australian government guarantee, according to terms sheets seen
by Reuters.
Australian banks have been keen users of a government
guarantee put in place late last year to help them weather the
global financial crisis.
More than A$107 billion of funds have been raised by
Australian banks, onshore and offshore, with the sovereign
guarantee since its introduction, according to Deutsche Bank
data.
The Australian government guarantee is rated triple A by
S&P and Moody's.
Deal details are as follows:
Issuer: CBA
Facility: Fixed and floating rate government-backed
notes
Guarantor: Australia
Issuer ratings: AA (S&P), Aa1 (Moody's), AA (Fitch)
Tranche: Reg S FRN Australian fixed
Amount: US$250 mln A$250 mln
Maturity: July 16 2012 Aug. 18 2011
Set: July 16 July 13
Coupon: +20bp/US Libor 3.70%
Yield: +20bp/US Libor 3.70%
Spread: +20bp/US Libor undisclosed
Issue price: 100 100
Lead(s): Goldman Sachs JPMorgan
Issue ratings: AAA/Aaa/- AAA/Aaa/AAA
($1=1.286 Australian Dollar)
(Reporting by Cecile Lefort)
