It looks like third time lucky
French banking group Société Générale recently placed a ground-breaking deal in the Australian market. Jointly arranged by Bankers Trust Australia and Bankers Trust International, it raised A$65 million (US$50.8 million) in the form of perpetual subordinated step-up notes. Société Générale has a Standard and Poor’s rating of AA- and the notes are rated at A+.
Ashley Zimpel, vice- president, originations, at Bankers’ Trust Australia, says it was the first time such a transaction had been completed in Australian dollars and demonstrated the growing sophistication of Australian institutional investors.
The issue, Zimpel says, was a hybrid debt/equity-style instrument and qualified at Tier 2 capital because of its perpetual nature.
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