Telstra prices $500m local bond
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Telstra Corporation (TLS) will boost its presence in the local bond market through a $500 million five-year Australian dollar bond.
According to The Australian Financial Review reports the usually conservative corporate borrower chose the local market amid rising foreign currency borrowing costs.
In a statement to the Australian Securities Exchange last week, Telstra said the bond will pay an interest rate of 4.50%, meaning the telco won’t have to purchase currency hedges, and is set to mature on November 13, 2018.
“Our debt portfolio has not been able to be significantly placed with domestic issuance until the last few years [and] we see further scope for domestic debt issuances," new Telstra treasurer Guy Wylie told the AFR.