Mirvac selling bonds
Mirvac, a lesser property developer, yesterday joined an unusual short list, taking fourth place in an interesting queue of vendors of own-name term loans in the capital market over the last week or so.Santos, Woolworths and Asciano last week got set in euros and US dollars, all three names with more than enough recognition to tap a wider investment pool.Mirvac makes do with Australian investment pools, and yesterday hit the market for at least $150 million in six-year debt.The seller said it was looking at pricing for the notes around 250 basis points over swap.Mirvac expects a BBB rating from Standard & Poor's. The group sold $150 million of five-year debt in March at 265 basis points over swap, Reuters reported.