Hybrids and marsupials

It looks like third time lucky

Offshore goes down market

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.