St George Bank has launched an up to A$300 million $225 million hybrid tier-1 capital offer in the form of converting preference shares via joint leads UBS and Goldman Sachs JBWere. The bookbuild to determine the margin opens on November 15 with pricing due to take place a day later. The shares will trade on the ASX.
The bank will issue 2.5 million shares at A$100 each to raise up to A$250 million, with an ability to accept oversubscriptions up to a further A$50 million. The BBBA3A- rated transaction is expected to price at 110bp to 140bp over BBSW.
The deal is the first by an Australian bank under new...
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