Ashurst has advised Bank of Tokyo-Mitsubishi (BTMU) on a A$600 million transferable certificates of deposit (TCD) trade as part of the update of its A$3 billion TCD programme.

On 18 September 2014, BTMU Sydney issued a second series of four-year A$600m floating rate TCDs priced at 83 basis points over three-month BBSW (the previous trade of four-year TCDs in March 2014 was priced at +95 basis points).  The TCDs are rated Aa3 by Moody's and A+ by S&P's.  Morgan Stanley, MUSI, ANZ, NAB and Westpac were the Joint Lead Managers for the trade.

This transaction marks the third issuance of TCDs by BTMU Sydney since the relaunch of its Australian dollar TCD issuance programme in March 2013.  Since 2012, Ashurst has advised BTMU Sydney on A$2.35 billion of domestic debt capital markets issuances under its Australian dollar medium term note and TCD programmes.

The Ashurst team was led by partner Paul Jenkins, special counsel James Morris, lawyer Adrian Wong, and graduate Sagar Sritharan (Banking); with partners Ian Kellock and Geoff Mann, senior associates Bronwyn Kirkwood and Nika Dharmadasa, and lawyer Chris Masters (Tax).