Brisbane Airport Corp's BAC A$350 million $211 million 10-year bond issue was priced today. The A$150 million fixed rate notes were set at 99.58 to yield 7.36% on a semi-annual basis and the A$200 million floating rate notes were priced at par, giving a coupon of 52 basis points over the 90-day BBSW bank bills swap rate. The bonds, which are guaranteed by MBIA Insurance Corp, are rated triple-A by both Moody's and Standard Poor's.
The deal has been comfortably oversubscribed, says Peter Christie, senior manager for primary markets at Commonwealth Bank of Australia, which jointly managed the bond with Deutsche Bank. He estimates 10% to 15% was sold to Asian and...
