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BHP makes record-breaking bond sale

BHP makes record-breaking bond sale

Herbert Smith Freehills has acted for BHP in its $1 billion bond issuance - the largest bond sale by any company outside the banking sector.

Firms: Herbert Smith Freehills (BHP Billiton Limited)

Deal: Bond issuance under BHP’s Australian Medium-Term Note Programme

Area: Corporate

Value: $1 billion

Key players: The HSF team was led by partner Andrew Booth (pictured), who was supported by solicitor Ellen Liang

Deal significance: 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. 

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.

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