Australia/New Zealand Loan House: ANZ
Balanced performance
Even in a relatively quiet market, ANZ found opportunities to underwrite jumbo and long-tenor loans, and connected with Asian liquidity to ensure wide distribution.
Among the highlights of ANZ’s roster of deals were its underwrites and wide syndication of large financings, including a A$5.8bn (US$3.61bn) borrowing backing Vocus Group’s acquisition of TPG Telecom’s fibre and fixed network infrastructure assets and a A$3.35bn loan for Charter Hall Prime Office Fund.
ANZ was one of the joint mandated lead arrangers and bookrunners of the loan for Vocus that closed to a blowout response in December with more than three dozen banks and non-bank lenders joining in syndication. The same month ANZ also wrapped up syndication of CPOF’s multi-tranche borrowing that attracted 17 lenders in general syndication.
In response to rising demand for longer maturities and more flexible structures, ANZ successfully arranged Asian term loans – deals with tenors of at least five years and as long as 10 and 12 years, syndicated to Asia-based lenders.
“Continuing the success we had in 2023, we leveraged the strong liquidity out of Asia for Australian borrowers and ensured that the loan market presented a credible alternative to the bond market,” said Gavin Chappell, head of loan syndications. “As a result, we significantly increased the number of borrowers we took to Asia to provide competitive longer-term funding options.”
One example was a A$600m-equivalent loan for Canberra Data Centres comprising a A$293m seven-year tranche, a A$263m 10-year portion and a US$30m 12-year piece. ANZ was one of three MLABs on the deal that closed in August with a dozen other lenders joining, including eight from Japan.
Another was a A$250m 10-year loan for NSW Electricity Networks Finance, the financing entity of energy transmission firm Transgrid. ANZ was one of two MLABs on the deal, which closed in June, attracting 19 lenders, including a dozen Taiwanese banks.
ANZ was also joint MLAB, along with two other banks, on a A$780m multi-tranche financing for Cement Australia, as well as an A$836m five-year loan for construction company CIMIC Group. The former deal closed in November, drawing 25 lenders, mostly Asian banks, in syndication. CIMIC’s loan closed in October with two dozen lenders joining and increased from an original size of A$475m.
Other similarly successful financings included a NZ$1.75bn (US$987m) borrowing for mobile operator One New Zealand, which attracted 20 lenders.
ANZ also burnished its ESG credentials with a joint coordinator role on a A$1.5bn sustainability-linked loan for Australian property fund manager ISPT’s Core Fund, and was sustainability coordinator when poultry company Inghams Group converted A$545m of its debt into an SLL in July.
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