Herbert Smith Freehills is acting for BHP Billiton Limited in its A$1 billion bond issuance under its Australian Medium Term Note Programme.
It is the largest bond sale by any company outside the banking sector, and has been cited as confirmation of Australia’s ability to sustain a corporate bond market, as well as paving the way for other large companies to sell debt to Australian investors. The deal also highlights an increasing shift for Australian investors from the share markets to the bond markets.
The Herbert Smith Freehills team was led by partner Andrew Booth, who was supported by solicitor Ellen Liang.
Herbert Smith Freehills partner Andrew Booth said: ‘It is pleasing to see the enthusiastic support of the market for this benchmark issue. I hope this issue gives other corporates and investors the confidence to further embrace the domestic bond market’.
The issue was managed by Australia and New Zealand Banking Group Limited and Commonwealth Bank of Australia.
Herbert Smith Freehills’ debt capital markets team has recently acted for BHP Billiton Limited on its £1.75 billion (A$2.74 billion) and €2 billion (A$2.5 billion) issues under its Euro Medium Term Note Programme, for Treasury Corporation of Victoria and for a number of other issuers and arrangers.
