In this issue : DECEMBER 2017

Capital Markets Activity

“We have successfully executed over $3.5 billion of transactions in various markets this quarter, resulting in lower funding costs and longer dated debt.”

GREG GOODMAN, GROUP CEO

Goodman’s liability management initiatives and financial risk management (FRM) framework have been designed to deliver competitive debts costs, a natural currency hedge and diversified sources of sustainable funding for the Group through cycle.

Following changes to the FRM policy and credit rating agency upgrades, the Group undertook a significant liability management programme which included:

  • $1.8 billion in new bonds issued, including
    US$850 million 10.5 and 20-year 144A/RegS notes and €500 million 8-year EMTN
  • Repurchase of the Goodman PLUS hybrid
  • Part repurchase of shorter-dated UK denominated and US bonds.

Together these initiatives delivered a lower cost of funding and longer dated debt. The Group achieved a weighted average expiry of 11.6 years on the new bonds and increased the overall average weighted debt maturity from 3.6 years to
7.1 years. In the process, we lowered our interest rates by 1.5% p.a.

See our five year financial summary

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Debt Maturity Profile Pre/Post Liability Management (Drawn Debt)$M

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    2018
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    2018
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    2020
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    2021
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    2022
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    2023
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    2024
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    2025
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    2026
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    2027
  • 00Beyond
    Jun 2027

Pre liability management
Post liability management

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Development update

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