It was an uneventful day on the ASX but an exciting one for debt fundies.
They’ve got a swarm of investment grade issuers asking for meetings next week, and the bets are on Telstra, Sydney Airport and Transurban launching debt deals soon.
The trio is mooted to issue in euros, a market they are already well acquainted with. It also seems more receptive to non-financial issuers atm, thanks to banking instability.
Sources said PointsBet’s Aussie unit attracted interest from Betr, Entain and Tabcorp but the suitors basically all said, “no, thanks” based off the target’s price expectations.
So now, it’s trying to shake out a buyer for its US business where MA Moelis’s American bankers are leading the charge.
It would be interesting to see what price PointsBet can wrangle for the unit (if that does happen) and if it’s way bigger than what is implied by sharemarket investors. That last bit is how, sources reckon, the management is thinking.
The ASX-listed landlord is selling 1 Margaret Street and 44 Market Street in two sale processes that are expected to test unlisted office asset valuations.
The telco’s dealmaking was the most advanced, and investors said it had mandated BNP Paribas, Bank of America and MUFG to test appetite for an eight- to 10-year bond.
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