Brisbane Airport A$350 million bonds oversubscribed

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.