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NAB Prices US Dollar Bond Issue
National Australia Bank, Australia’s largest bank by assets has priced a three year US Dollar Bond issue guaranteed by the Australian Federal Government. The deal priced at between 85 to 90 basis points over mid-swaps is being managed by HSBC, Merrill Lynch and RBC Capital Markets. NAB has not yet announced how much it plans to raise.
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Rio Tinto up **** Creek Without a Paddle
BHP Billiton has been weighing up a bid for Rio for years, as the two companies have highly complementary assets, especially in iron ore, coal, copper and diamonds. Chip Goodyear, former BHP chief executive, and Don Argus, chairman, pitched a friendly deal to their Rio counterparts in April last year but were rebuffed.
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Fortescue Denies Sovereign Wealth Fund Stake Sale
Fortescue Metals Group (FMG) issued a denial on Monday that it was in talks with China Investment Corp (CIC) that would have ultimately led to a stake sale to the Chinese Sovereign Wealth Fund. FMG also denied that it was seeking additional capital for any of its Western Australian mining projects.
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Fosters In Play
Iconic Australian brewer Fosters could be the target of an unsolicited bid originated by Canadian brewing major Molson Coors. For the last week there has been a mystery buyer in the market, and this has generated a speculative frenzy, lifting Foster’s share price to an 11 month high.
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