Coke deal back on table

08 March 2016

It seems as if the Coca-Cola Company was only delaying its expected bond issue, which was initially flagged in mid-February. CCC copped a one notch rating downgrade from Standard & Poor’s to AA- in late February but now that’s out of the way, CCC has restarted the process and is understood to be about to wrap up an investor roadshow for its inaugural Kangaroo bond issue. It’s something bond investors will be looking forward to as a bond sale from CCC will add some diversity to the list of AA rated issuers in the Australian market.

So far this March is proving to be a rather popular time for bond issuance with all the major Australian banks hitting the markets for funds, often in the US. In the second week of the month, the value of bonds issued already exceeds the value for the whole of February and is likely to exceed the $20 billion worth issued in January.