Funds Focus

SEEK Limited has just announced the launch of a new income offer: SEEK Subordinated Notes.The first round of access is through a broker firm allocation, prior to shareholder and general offers and listing at the end of this month.

The Notes will pay a semi-annual distribution fixed for the first 5 years at a minimum of 8.60% pa. Indicative range of 8.40%-8.90% pa (5.0%-5.50% over the 5 year bank bill swap rate (BBSW), 3.40% as of 5th June.

The Notes are a perpetual security and if not

Tatts Group has just announced the launch of a new income offer: Tatts Bonds.The first round of access is through a broker firm allocation, prior to shareholder and general offers and listing at the end of this month.

The Bonds will pay a quarterly coupon of 2.90%-3.10% over the 90 day bank bill swap rate (BBSW), 3.53% as of 29th May, with an initial indicative rate of 6.43%-6.63%pa. (The first quarter’s pricing is due to be set on date of issue) and are due to mature on the 5th July 2019

Heritage Bank has just announced the launch of a new income offer: Heritage Bank Retail Bonds.The first round of access is through a broker firm allocation, prior to shareholder offer and listing in December.

The Bonds will pay a quarterly coupon of 7.25%pa, maturing 20th June 2017 (5 years). The bond will be tradable on the ASX.

This issue will be used for general funding purposes and refinance existing debt.

Investors concerned about hidden catches within some of the recent hybrid