The exchange is in the market with a 3-year Australian dollar, senior unsecured, floating rate benchmark transaction to fund future capital expenditure.
ASX, Australia’s stock market operator, has tapped UBS, ANZ and NAB to drum up interest in a potential bond deal.A message sent to potential investors on Monday said the exchange and its bank syndicate would kick off investor meetings on Tuesday. On the agenda is a three-year Australian dollar, senior unsecured, floating rate transaction.
Proceeds will be used to support the ASX’s capital expenditure program as it seeks to modernise its technology offering. The exchange has been grappling with the fallout from aknown as CHESS, which will be sustained until 2032. It has said urgent technology upgrades are at the top of ASX’s investment agenda.
Fixed income analysts BondAdviser have issued the security a “Subscribe” recommendation with a “Very High” risk rating. It forecasts the Tier 1 capital will make up around 0.6 per cent of the bank’s capital strategy.
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