APA and Crown Sub Notes a hard sell

Key Points Latest sub notes offer almost identical terms Crown offers slightly higher margin with higher risk Investors seeking value are better off waiting ‘Everything old is new again’ sang Peter Allen. Nowhere is this more true than in the world of finance. The latest subordinated note issues by APA Group and Crown, hot on the heels of Caltex Sub Notes, prove it. The banks—hungry for capital ahead of the Basel III reforms—led the early charge. Now corporates in need of cash to fund acquisitions, expansions and restructurings have their hand out. It’s a little like the junk bond...

‘Everything old is new again’ sang Peter Allen. Nowhere is this more true than in the world of finance. The latest subordinated note issues by APA Group and Crown, hot on the heels of Caltex Sub Notes, prove it.

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