Australian lender bendigo and Adelaide bank is sticking to the retail market for its latest offering of Additional Tier 1 notes, shunning the emerging wholesale market for the capital securities. Australia's sixth-largest bank announced on the ASX last Monday an offering of new Convertible Preference Shares 3 (CPS3), callable after six years, to raise approximately A$200m. Coming after wealth manager AMP broke new ground this year in becoming the first financial entity to sell ATI notes in Australia's institutional bond market, Bendigo's move suggests the retail investor base continues to offer more attractive funding costs.
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