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Bank of Tokyo-Mitsubishi has a history is issuing bonds twice a year into the Australian debt markets through its Sydney office, although it missed the “usual” September issue last year. The bank has $300 million of March 2016 FRNS which it issued in 2013 coming up for maturity on the 14th and it is understood to be taking indications of interest from investors for a bond with a 2020 maturity date. Issues sizes have increased since 2013 and the bank has typically issued bonds worth around $500-$650 million. If the past is any guide, the bond will have a floating interest rate. Price guidance is in the BBSW +150bps vicinity, which is considerably more than the 78bps at which the 2013 issue was sold. BoTM is rated A+ by Standard & Poor’s and A1 by Moody’s.
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