AMP Life has been met with overwhelming demand for a $300m bond raising this week, receiving orders worth $1bn.
The business was purchased by Resolution Life for $3bn this year, but AMP continues to own 20 per cent of the company and Resolution has a licence agreement to keep the name for a period of time.
Prospective investors are being offered the 15-year bonds at a rate of 3.3 per cent over the bank bill swap rate, with a five-year non-call period.
AMP Life is understood to be raising the funds for regulatory and capital purposes.
Only in August, AMP Capital Wholesale Office Fund launched a bond raising, seeking at least $300m to help refinance a medium-term note maturing next year. The raisings in the fixed income market are being met with strong demand across the board, with investors searching for yield amid a low interest rate environment.
Also buoyant is the listed equities market, and December proves to be a busy month for new listings.
Online book retailer Booktopia lists on Thursday, while the technology company Nuix lists on Friday, along with the construction and services company Maas Group.
Another one of the other major listings of the year is Dalrymple Bay Infrastructure, which lists on Tuesday next week while meal delivery business Youfoodz also lists on December 8.
China energy bid switched off
Aspirations by China’s State Grid to buy Jemena are understood to have put an end to a possible sale of the energy business.
Healthscope firmly in the sights of Bain
Bain Capital is closing in on its next big target struggling with too much debt – the country’s second-largest hospital operator Healthscope.