Suncorp seeks funds in Asia

It’s been a few months since Suncorp last came to YieldReport’s attention. Back in January the banking and insurance group issued USD$550 million of October 2020 FRNs into the US market in what seems to be the beginning of a floating-rate note trend amongst Australian issuers. At the current point in the interest rate cycle one would think they would want to issue fixed-rate debt but the fact they issued floating would seem to indicate investors won that battle.  Suncorp is now reported to be organising a tour of Asia in mid-April with the aim of another debt capital raising. It will be interesting to see if they continue with the floating-rate theme.