Auswide prices $40m senior unsecured FRN

The three-year senior unsecured FRN was priced at a margin of 60 basis points over the 90-day BBSW and was upsized to $40 million due to “strong investor support”, according to the bank. 

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 sole lead manager.

Martin Barrett, managing director of Auswide Bank, said he was pleased with the strong support from investors for the bank’s issuance.  

“It provides an effective source of funding and cost of funds efficiency,” he said.

“The successful issue will assist with current growth in our housing and consumer loan portfolio.” 

Group treasurer Dale Hancock added: “The 3-year Senior FRN assists Auswide Bank to extend the maturity duration of its Wholesale Funding program and was 30 basis points tighter than the 3-year Issuance in November 2020.”

[Related: Bank chair retires, successor appointed]