Ashurst has advised the Bank of Tokyo-Mitsubishi UFJ, Ltd, Sydney Branch (BTMU Sydney) on its A$3 billion transferable certificates of deposit (TCD) programme update and A$300 million inaugural trade.
This transaction marks the relaunch of BTMU Sydney’s Australian dollar TCD issuance programme and its first issuance of TCDs under the programme.
Lead partner on the matter, Paul Jenkins, said: “This is the first issue for our global client, Bank of Tokyo-Mitsubishi UFJ, Ltd, under its TCD programme following our involvement in the establishment of BTMU’s A$3 billion Australian debt issuance programme last year.
“BTMU has been very successful in diversifying its sources of Australian dollar funding to support its growing presence in the Australian market.”
The TCDs have a term of three years, are priced at 78 basis points over three-month bank bill swap reference rate, and are rated Aa3 by Moody’s and A+ by Standard & Poor’s.
Morgan Stanley, Mitsubishi UFJ Securities International, National Australia Bank and Westpac were the joint lead managers for the trade.
The Ashurst team included partner Paul Jenkins, special counsel James Morris and lawyer Adrian Wong (Banking), with assistance from Tax partners Teresa Dyson and Geoff Mann, senior associates Bronwyn Kirkwood and Nika Dharmadasa and lawyer Scarlett Wang.
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