Good evening,

Hats off to Stanmore Resources and its broker, Petra Capital, for pulling off a tough deal on Thursday.

Having flagged its acquisition of BHP Mitsui’s coal mines in Queensland in November, Stanmore has been working hard to lock in equity funders for its mooted $US600 million raising.

Although the raising – at $US506 million – was smaller than first expected, it had more widespread investor support than anticipated. GEAR, its 75 per cent shareholder, didn’t take up its rights in full, which meant Stanmore and Petra had to find buyers for $283 million of stock.

And when it comes to coal deals – even metallurgical coal deals – that’s no mean feat.

Meanwhile, it’s a big night for CBA in US bond markets – the bank is braving market volatility and trying to raise more than US$2 billion.

And we have news of another new fund at PEP.

Happy reading,

Anthony Macdonald, Sarah Thompson and Kanika Sood
Street Talk Editors