CFS Retail Property Trust borrows in US
BHP was not the only listed entity to announce a bond issue yesterday. CFS Retail Property Trust, rated A, announced a A$120 million issue in the traditional US private placement market.The issue was undertaken in three tranches, the first, unusually, was denominated in Australian dollars and raised A$40 million for 10 years at 6.2 per cent. The second raised US$60 million for 12 years at 3.63 per cent, and the third raised US$19 million for 15 years at 3.88 per cent.CFS Retail Property Trust said the US dollar tranches both swapped back into Australian dollars at less than 200 basis points over bank bills.