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Bendigo Bank raises off-shore funds

15 March 2007 |Media centre

Bendigo Bank has raised a further €300 million in international money markets to help fund its expected lending growth.

Chief Financial Officer Craig Langford said the funds were raised after a successful investor update in Europe and Asia through lead manager Nomura International PLC.

Bendigo launched a EUR 300 million, three-year floating rate note under its Euro MTN Program, settling on 29 March 2007.

“The transaction was heavily over-subscribed and priced at a re-offer spread of 22 basis points over three-month Euribor (Euro Interbank Offer Rate), which is a new benchmark for Bendigo Bank,” Mr Langford said.

“The deal saw continued support from existing investors, and also achieved our aim of diversification into new markets, being the first euro-denominated EMTN transaction for the bank. Close to half of the notes were sold to Asian accounts, with the remainder of the issue shared between UK and European investors.”

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