FIIG targets trustees with PMP bond issue
Fixed income specialist FIIG Securities has arranged a wholesale note issue for commercial print company PMP Limited to enter the corporate bond market, catering to demand from SMSF trustees.
The announcement follows bond issues recently arranged by FIIG for Cash Converters ($60 million) G8 Education Limited ($70 million), Mackay Sugar Limited ($50 million) and Silver Chef Limited ($30 million), bringing the total raised by FIIG in corporate bonds over the 2013 calendar year to $300 million.
Demand from private investors, including self-managed superannuation fund trustees, is driving the bond market for mid-cap corporates, according to FIIG chief executive Mark Paton.
“The bond market for mid-cap corporates is rapidly becoming an established part of the Australian capital markets with regular new capital raisings like the PMP Limited issue and also a diverse secondary market where investors can now choose from a range of mid-cap bonds,” Mr Paton said.
“The market continues to grow rapidly, with increasing numbers of both corporates and investors contacting us to participate in the wake of each successful issue.”
