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NGM Group completes largest ever bookbuild by an Australian Mutual

Newcastle Greater Mutual Group (NGM Group) has secured $400 million from wholesale debt investors in the largest five-year deal of its kind for an Australian mutual bank.

Generating unprecedented demand, the Group received orders totalling close to $1.5 billion from domestic and international investors.

The deal is NGM Group’s inaugural senior debt issue after it was formed from the merger of Greater Bank and Newcastle Permanent in March 2023.

CEO Bernadette Inglis said the exceptional support from investors reflects NGM Group’s strong position in the market.

“This is a vote of confidence in us as an organisation, demonstrating that we have good access to funding sources and a diverse investor base, and affirming our position at the top of the industry.

“We’re delighted by the substantial interest from a broad range of new investors and investor classes for our business, and grateful to those investors that participated”, she said.

“While we already have an outstanding liquidity position, the funding raised from this deal further boosts our strength and resilience as we move ahead with significant investments in product evolution, branches, internal capability and technology – all to deliver excellent services and experiences for our customers, today and in the future,” Inglis said.

The issue was priced at 3mBBSW + 185bps.

Our business

NGM Group’s portfolio today comprises the two retail brands Greater Bank and Newcastle Permanent, focused on helping customers and communities thrive.
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